Home Ownership To Become Reality in Pine Bluff
Carolyn Mance is a participant in the Pine Bluff Weed and Seed IDA Home Ownership Project.
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Springtime is often when people dream of buying a home, but in Pine Bluff, AR, those dreams are becoming a reality.
In May 2006, members of Pine Bluff's graduated Weed and Seed site and the new Central Park Neighborhood site launched a home ownership project. Using individual development accounts (IDAs), participants are saving money regularly to buy a home. The project is part of CCDO and the Office of Community Services' IDA Demonstration Project which helps families move out of poverty.
The IDA project helps individuals and households build their assets and invest their money in the community. The site coordinator, Reverend Jesse C. Turner, explained that despite a lowering crime level and a heightening comfort level about living in the neighborhood, more residents rent than own homes within the sites.
"We have to build the integrity of the neighborhood," Reverend Turner said. "[Homeowners] can become real stakeholders in the community, and that creates pride."
Participants must deposit at least $20 each month into their IDAs, which are offered through the Southern Good Faith Fund of Pine Bluff. The organization's mission is to increase the incomes and assets of low-income and low-skilled residents of the Delta in Arkansas and Mississippi by offering unique and innovative programs that blend asset development, small business development, workforce development, and public policy activities. Participants must also complete a series of financial education courses that cover topics such as money management, credit management, and financial services. After participants reach their savings goals, usually in 2 to 3 years, their savings are matched with up to $2,000 for an individual and $4,000 for a household.
The reaction from the community has been positive, with a number of residents requesting more information about this opportunity. Carolyn Mance, a participant in the project, said, "I am very excited and look forward to buying my first new home."
Reverend Turner has successfully involved the community in the project through partnerships with local businesses. When he approached Southeast Arkansas College, located outside one of the sites, representatives were eager to be part of the new project. Other partners include Simmons First National Bank, Pine Bluff National Bank, the University of Arkansas at Pine Bluff's Economic Research and Development Department, the Community Enterprise Development Corporation, the Pine Bluff Housing Authority, and the Pine Bluff Economic and Community Development Department.
Nevertheless, Turner pointed out that obstacles remain. Weed and Seed areas are commonly perceived as crime ridden even after crime rates have decreased, and efforts need to be made to change this false perception. Many individuals also are not aware of this opportunity and do not believe they will ever own a home.
"We have to educate the community," Turner said.
The IDA project is promoted through fliers, churches, and community events. A special promotion and marketing program is being planned to air on a local television and radio station.
To date, two individuals are working toward their savings goal and are planning to buy homes within the Weed and Seed sites. Ten applications to open IDAs are being processed, and the Southern Good Faith Fund anticipates handling a total of 25 accounts.
For more information, contact:
Rev. Jesse C. Turner
Pine Bluff Site Coordinator
870-536-7274
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