Stability has always been a top priority for Akirah.
Having moved more than 20 times before the age of 25, she was determined to provide her children with a sense of security.
Having moved more than 20 times before the age of 25, she was determined to provide her children with a sense of security.
"I didn’t want my children falling under the same fate as [me],” she said.
Determined to lay the groundwork, she signed up for a program with Clarifi, a financial service provider. Her first goal was to increase her credit score. Second, to save up for a down payment to fulfill her dream of owning a home.
Akirah was referred to Media Fellowship House—a facilitator of United Way’s Lubert IDA Matched Savings program—which she saw as a pathway to homeownership.
“I endured a few hardships. However, I was able to successfully save the money that I needed to save,” Akirah said.
I endured a few hardships. However, I was able to successfully save the money that I needed to save.
The Lubert Individual Development Account (IDA) program is one of the region’s most important initiatives, helping decrease the wealth gap and letting people and families achieve upward economic mobility.
Participants can build their assets through match savings for emergencies, homeownership, post-secondary education, and small business expansion.
Akirah saved the $2,000 required for the program over the course of two years, with a 2:1 match for a total of $6,000. And she took advantage of Philadelphia Housing Authority’s Philly Seed’s grant and the City’s First Front Door program.
Akirah saved the $2,000 required for the program over the course of two years, with a 2:1 match for a total of $6,000.
Starting with credit score in the 500s, boosted it to the mid-700s by the time she was ready to make her purchase.
“Without these programs, I wouldn’t have been able to afford the down payment and closing cost on my own,” she added.