PATHWorks Newsletter: JULY 2020
Success Story
- Employment - Asset Building - Finances - Community Events -
Overcoming Barriers - Housing Works Updates - Resources
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Congratulations Kathleen C. - 2020 Homeowner FSS/VIDA/Tutor Home
Kathleen received her Housing Choice Voucher in November of 2004. At the time, she was a young single mother with another baby on the way. She was unemployed and the voucher provided her the safe affordable housing she needed for her family.
In September of 2009, Kathleen joined the PATHWorks program for the first time. She was working at Albertsons and had three young children. She set a goal to enroll in college and improve her credit score which was 571 at the time.
Life was busy for Kathleen with three children and although she made some progress on her goals, it wasn't until late 2012 that she was able to really focus on moving forward. She started attacking her credit first, validating and paying down debt and focused on managing her budget. She also earned her NCRC certificate from WorkSource and was enrolled at COCC working towards an HIT degree. In 2013, Kathleen applied for the VIDA post-secondary education saving program to help pay for her education.
In late 2014, Kathleen’s first time on the PATHWorks program came to an end and she did not qualify for graduation at that time. She had made progress and was still enrolled in school. As our program rules allow, she was able to rejoin the program after one year, which she did in January of 2016. Kathleen was well on her way to earning her degree and would graduate from COCC in June of 2016 with her HIT degree as one of the top students in her class. She signed up for her National HIT licensing exam and started interviewing immediately after graduation. With a disabled child at home, Kathleen was looking for a way to work from home. Her hard work, education and talent paid off and she was hired by High Lakes Healthcare in a work from home position.
Kathleen's new goal on her second run on the PATHWorks program was homeownership! She joined the VIDA saving program to save for her down payment. In 2017, she was accepted into the Housing Works Tutor Home program and released her housing assistance, a major accomplishment. She continued to pay down debt, budgeted, and increased her income through raises and promotions she received at work. In February of 2020, Kathleen was approved for a home loan and purchased her own home in Culver using her VIDA to help with the closing costs.
Kathleen is a perfect example of how success can take time, patience and hard work. She stayed focused on earning an education that would lead to a stable good paying career that could provide a home for herself and her children. The programs supported her along the way, but her effort made the difference.
Way to go Kathleen, quite the journey of success!
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Reemployment After the COVID-19 Shutdown
There is a lot of uncertainty over work right now during the COVID-19 pandemic as many businesses were forced to close their doors, people were told to “Stay Home. Save Lives”, and shutdowns occurred all over the world. Millions of people have filed for unemployment benefits in the United States since March. But don’t let these numbers intimidate you! You can’t control the virus and how it has affected individuals, families, or the economy, but you can control how you take action moving forward – and doing nothing is not an option.
During an economic slowdown, it’s important to focus on what you can control. A lot of companies are currently hiring during the Coronavirus crisis and they need to fill essential roles now more than ever. Once you identify a job you're interested in, find out what skills and qualifications are needed. If you are lacking in those skills you can use this time to gain those skills. Look to be proactive (read more about this in the Overcoming Barriers article below). Networking is as important as ever even though it may look different now with virtual meetings instead of in-person conversations. Let people know you are looking for employment as many jobs are not always posted publicly and a referral from a friend who already works at the company is usually an advantage in getting in the door. Keep your resume and online presence up-to-date as well. Take advantage of this unprecedented time to look for employment.
This is a great time to reach out to an employment counselor if you need help. The employment counselors at COIC/WorkSource are a great place to start. Read more about Central Oregon's COIC/WorkSource in the employment article from our
January Newsletter.
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Long-Term Financial Plan - Is it on Your Radar?
We all know the importance of creating and following a monthly written budget in order to make sure we can pay our bills on time. The task of knowing what money is coming in monthly and what money is going out every month allows you to keep a roof over your head, manage your bills and put money into savings for emergencies. Monthly budgeting also gives you the power to decide what you spend your money on and when. This type of short-term financial management is an essential part of your financial life and creates the foundation on which to build your long-term financial goals.
What are long-term financial goals and how long are they? Great question, and the answer is up to you. For example, let’s focus on three asset building goals. A down-payment for a home could be a 3 to 5 year goal. A 529 College Fund for your child might be a 15 to 18 year goal and a retirement account could be a 30 to 40 year goal. Again, the time frame is determined by your individual situation, but even if you don’t have as much time as others that’s alright -- get started anyway. Once you identify your goals then do some research. Here are some places to start for our three examples.
Down Payment for a Home:
(Income limits apply)
The process of deciding on the right goal and building a strong financial future can seem daunting, but you can do it. Using your
monthly budget, see what you can afford to save every month for your long-term
goals. You can then look for a
savings product that fits in your budget. Yes, it will take some effort to do the research, set up the accounts and you need time for your asset(s) to grow. However, in the long-term you will be glad you made the effort. Ask for help if you need it. Work with a financial mentor, ask questions of the companies who offer the savings product you’re interested in. Oh yeah, by the way, watching your long-term saving grow is really exciting and very satisfying! Your financial success is up to you, so what are you waiting for?
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Savings Account
Depending on the goal you decide to save for will determine the type of savings program you will use. In this article, we are going to focus on a traditional savings account. Specifically, we will discuss the following:
- Benefits of having a savings account
- How to choose a financial institution
- How to open a savings account
Benefits of having a savings account
- Saving money can help you become financially secure.
- You cannot predict the future and having savings can provide you a safety net in case of emergencies.
- Allows you to save for things you want and need without going into debt.
- Builds wealth and assets.
- Financial Freedom.
- Bank accounts offer convenience.
- It is a safe place to keep your money. Your money is insured and protected up to $250,000 through FDIC.
- Bank accounts can help you access credit.
- Most savings accounts accrue interest and earn you more money.
How to choose a financial institution
- The main difference between a bank and a credit union is that a bank is a for-profit financial institution, while a credit union is a nonprofit. Credit unions are member owned (you are a member).
- Convenience, where it's located and if it is easy or hard to access.
- Online Access.
- Interest rates.
- Fee amounts.
- Products and services.
- Terms and conditions (i.e. minimum balance or deposits required).
How to open a savings account
- Choose how to apply. Depending on the institution, you could apply online, by phone or in person.
- Gather your identification. For the application, you will likely need to provide your Social Security number and a government-issued photo ID.
- Provide contact details, name, phone number, address, email, etc.
- Accept the terms and conditions. This is where the bank asks you to confirm that you read disclosure documentation describing fees, liabilities and how interest is calculated.
- Choose your deposit amount.
- Open your account.
Savings is one of the first steps to achieving your financial goals and building wealth and assets. For more information on savings, check out CFPB's tools and resources
here. You can do this. Take the first step today.
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Summer Meal Programs
This summer, the summer meal program will look different than the previous years due to COVID-19. Free lunches will still be offered at various locations throughout Central Oregon currently served through the school districts as a continuation of the "Grab and Go" meals program.
For more information, times and locations of the free summer meals, click on the logo. Families can also look up meal locations in their area by calling 211, or texting "Food" or "Comida" to 877877, or visiting the
Summer Food Oregon
website.
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Improving your Skills in your Free Time
Think about what you want for yourself, your family, your life, and what you need to get there. Now, take a moment and think about how you spend your free time. You might be thinking you are too busy and have no free time. But think a little more. Are there times you spend on social media? How often do you pick up your phone during the day? Or check your email? Or watch TV? Or sit on the couch and do nothing? Now is the perfect time to use your free time for personal growth opportunities, to work on improving your qualifications, and learn new skills.
Earlier in this newsletter we talked about using your time to be proactive to get employment. If getting employment is your goal, then you can analyze job descriptions by listing each required skill and experience. Consider whether you have that skill and are proficient in it or if you need to learn it. To market yourself as the best candidate, you can use this time and information to improve your skills and qualifications. There are plenty of free online courses you can access including
MOOCs
(Massive Open Online Courses),
EdX
classes (featuring free courses from MIT and Harvard),
Coursera
(an online education platform that partners with top universities and organizations worldwide),
and if you have a library card, you can access
Gale Courses
(choose from hundreds of interactive, instructor led online courses).
Decide what your goals are and take the steps necessary to achieve them. It is perfectly fine to enjoy some free time as well to recharge your batteries and stay fresh. Getting what you want out of life is up to you. If you are lacking skills, knowledge, or the information you need, don't let that be a barrier for you. Start taking the action today.
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Rolling Sage - Madras Property
In early 2004, Housing Works, the City of Madras, Jefferson County, and CASA of Oregon began collaborating to address severe blight in one of the worst neighborhoods in Madras, “Jefferson Street”. Shortly thereafter, the Jefferson Street Redevelopment Project was created, providing the first steps for renewal in the neighborhood. The project annexed portions of the neighborhood into City limits, extended sewer services, and demolished obsolete housing. To continue the renewal efforts to revitalize the Jefferson Street neighborhood, Housing Works will capitalize on land currently owned by the housing authority to bring an additional 23 affordable apartments called Rolling Sage, to the City of Madras.
The development will utilize a hyper-efficient three-story design and lean construction/continuous improvement methods of building to reduce the duration of construction and keep overall costs low. Lower costs will allow the development to target 30% of the apartments to the most vulnerable households earning less than 30% of Average Median Income (AMI). Rents will range from $300-$675 depending on income qualifications. The development will be an attractive craftsman exterior design with open floor plans that include substantial focus on efficient and durable building systems. The attention on efficient design will keep resident utility costs low and owner operational costs low, promoting long-term financial stability. The development also includes the creation of a public park that will be accessible by the residents and the surrounding neighborhood.
Rolling Sage is about 70% complete with siding being completed on the last building. Interior cabinets, lighting, paint and trim are currently being installed and exterior paint is going on as well. At the end of June, the parking lot will have been prepped and by the first week in July, we will see a parking lot! We anticipate starting leasing in July.
Housing Works is partnering with the
Latino Community Association (LCA), a community organization that connects Latino persons to various community services. A housing navigator at LCA will be the first point of contact for potential renters.
Rolling Sage will be managed by EPIC Property Management, which is a wholly owned subsidiary of Housing Works. Please check
https://epicopenings.net to find out which of Housing Works’ affordable properties located throughout Central Oregon, are currently taking applications.
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Housing Works Website Updates related to COVID-19
On April 10th, 2020, HUD issued a list of waivers allowing PHAs additional flexibility during the COVID-19 pandemic. To view the list of waivers implemented by Housing Works for its Housing Choice Voucher Program, we highly encourage you to visit our Housing Works website at
www.housing-works.org.
Starting March 27, 2020 HUD has temporarily suspended evictions for nonpayment of rent, and charges/fees for nonpayment of rent. As part of the CARES Act, HUD issued a flyer addressing tenant concerns regarding rent. A copy of the
Eviction Moratorium flyer is available on our Housing Works website under Voucher Holder Forms.
Resources for landlords have been added to our website. These resources include an FAQ for HCV Landlords during COVID-19. Many of our landlords have inquired as to how they should proceed with collecting rents during this time. We encourage you to visit our website under Landlords to view all the resources available to you. Our Landlord Liaison,
Carrie Chamberlen is also available to help answer questions. A
contact list of all Housing Works Employees is also available on our website.
Upcoming Waitlist Openings
The waitlist is now open for Menta Park and Canyon East in Madras. These communities are specifically designated for farm workers that meet certain requirements under Rural Development. To view rental criteria or to download a rental application, visit
https://epicopenings.net/.
The Project Based Voucher waitlist for Canyons Edge in Redmond will open in late July. Housing Works has set aside 8- 3 bedroom units specifically for project based vouchers. Please visit
Housing Works website for more information. Also, keep an eye out for the Public Notice that will be issued on our website and in the Bulletin with information on how to apply.
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