Building generational wealth requires a solid foundation. For Jasmine, that foundation started with a new home.
After a challenging divorce, Jasmine was starting over.
“With the divorce and custody battle, I was homeless. I started working with Open Hearth and other organizations, and within two years, I bought a house for my son and me,” Jasmine said.
When families do not have the money needed for closing costs, homeownership is no small feat.
Connecting with the Lubert IDA Matched Savings program often starts with a referral from a community partner. Like Jasmine, candidates with an existing relationship with community organizations are also provided resources to connect with further support like housing stabilization and financial literacy courses.
Jasmine participated in the homeownership program, saved $2,000, and received a 2:1 match of $4,000, giving her a total of $6,000 to put toward her son’s future.
United Way of Greater Philadelphia and Southern New Jersey is helping people and families purchase their first homes, receive an education, open small businesses, and save for emergencies.
“Every organization was very supportive. The programs, the budgeting classes…I wouldn’t be here without them,” Jasmine said. “My son and I have a normal life again.”
The value of this program isn’t lost on community leaders either.
Bradley Pisarcik, financial navigator of Open Hearth—United Way’s community partner—says having access to crucial resources can make all the difference for community members going through a rough patch.
“We’ve learned there is a difference between people who have run into bad times and who have inherited bad times. We’ve found that those who’ve inherited bad times don’t have the means to dig themselves out of the hole,” Bradley said. “It’s important to get these resources to people because many of the families and participants we see here know that they need help but have no idea where to start.”
Buying a home gave Jasmine the footing she needed to build a new life for her family. But homeownership can be difficult, and maintaining a home comes with added challenges, including large household expenses.
Fortunately, Jasmine was also able to participate in United Way’s Emergency Match Savings program, which offers a 4:1 match for low-income families to use for unexpected bills and expenses.
“Being on a certain income, a fixer-upper was all I could afford. The money from the [Emergency Savings Match Pilot] program helped me get new windows for the home to replace the old broken ones,” Jasmine said. “It was really a blessing.”
Access to opportunities like this isn’t just a step in the right direction – it’s a pathway to generational prosperity. Jasmine’s dreams of homeownership and financial stability are a reality, and her new home has laid the cornerstone for her family’s prosperity.
“This is my house and when my son turns 18, it will be his,” Jasmine said. “Now, we’ll always have something of our own.”
A gift to United Way supports families like Jasmine’s. Your support gives families across the Greater Philadelphia region with the tools they need to build stable foundations.