Financial Foundations Program Interest Form

Fill out the form below and an Idaho Housing counselor will reach out to you.

Did you know that as a resident at a Housing Company property you have a program available to help you achieve your employment goals and save for the future?

The Financial Foundations program will guide you towards accomplishing your financial goals and increase your housing opportunities with personalized one-on-one support.

Benefits of participation include:

  • Increasing Income - Job search/advancement, education, training 
  • Budgeting - Managing expenses, financial planning
  • Credit repair - Reducing debt, repairing credit
  • Cash Rewards - Earn $1,000 for each goal you accomplish*

*earn $1,000 per accomplished goal up to $8,000. Funds disbursed upon graduation from the program.   

 

  • Set goals within each of the four focus areas (Income and Education, Budgeting and Planning, Savings and Emergency Preparedness, Debt Management and Credit). 

  • Meet goals within a 3-year term. 

  • Meet with Idaho Housing Counselors on a regular basis (at least 5 times a year, but ideally every other month).  

  • Be a resident of a Housing Company property. 

  • Be willing to participate in a two-year post-graduate financial analysis.  

 

Additional requirements may apply if pursuing down payment assistance through HOME funding.

  1. Income and Education 
    •  Examples of goals include but are not limited to: 
      • Secure a job with a wage increase of at least $__per hour/month
      • Complete a professional certification, skills training, or degree program.
      • Maintain stable employment for __ months with no employment gaps. 
      • Gain a promotion or better-paying job in your field. 
      • Start and sustain a side business for __months with positive cash flow. 
      • Enroll in and complete a job-readiness workshop. 
      • Increase income by at least 20%. 

  2. Budgeting and Planning 
    •  Examples of goals include but are not limited to:  
      • Create and follow a personalized  budget for __ consecutive months. 
      • Have no overdrafts for __months.
      • Successfully track monthly expenses using an app or manual method for __ months. 
      • Develop a long-term financial plan with savings and debt-reduction goals.
      • Attend and complete a financial literacy class. 
      • Prepare a one-year plan for a large purchase (car, education, appliances, etc.) 
      • Become financially  independent without outside assistance.  

  3. Savings and Emergency Preparedness
    • Examples of goals include but are not limited to:   
      • Save $__ and keep it in an account for __months with no withdrawls. 
      • Build an emergency fund that covers__months of expenses. 
      • Save for a specific goal (car repair, down payment, etc.).
      • Open and maintain a savings account or high-yield savings account for duration of program. 
      • Save $__ per month for __consecutive months. 
      • Open and contribute monthly to a retirement account for duration of program. 

  4. Debt Management and Credit 
    •  Examples of goals include but are not limited to:  
      • Pay off 10% of total debt. 
      • Pay off $__ of total debt.
      • Eliminate one debt entirely (credit card, medical bill, etc.). 
      • Maintain on-time payments for all bills for 6 months. 
      • Achieve a credit score milestone above current score.
      • Bring all past due balances current and maintain no new delinquencies for 6 months. 
      • Create a debt-reduction plan. 
      • Maintain a debt-to-income ration under 30% for at least__year(s). 

Participants are required to create at least one goal from each of the four focus areas. The maximum number of goals set is 8. (NOTE: the eight goals do not need to be equally divided among the four focus areas).  

For each goal accomplished, $1,000 will be awarded to the participant. If all eight goals are met, the maximum amount of $8,000 will be awarded to the participant upon graduation from the program. 

Awarded funds can be used for, but are not limited to: home purchase, home furnishings, home repair, relocation costs, tuition or trade school costs, debt reduction, vehicle maintenance/purchase, etc.  

If homeownership is your goal, you can pursue down payment assistance through HOME funding. Additional eligibility and program requirements may apply.

To learn more about HOME funding down payment assistance, talk to an IHFA housing counselor.