Lincoln-Westmoreland Housing, Inc. and CAAB Launch the First Children's Savings Accounts Program in the Mid-Atlantic Region
Washington, DC - November 22, 2017 - Lincoln-Westmoreland Housing, Inc. and Capital Area Asset Builders (CAAB) have launched an innovative and ambitious Children's Savings Accounts Program for the benefit of the children of families residing in the buildings of Lincoln-Westmoreland Housing in Washington, DC.
Children's Savings Accounts (CSAs) are long-term asset-building accounts. Research finds that students with such accounts for education purposes, compared to peers without such accounts, do better in school, are more likely to attend college and graduate, and show better on socio-emotional development indicators.
The Lincoln-Westmoreland Housing/CAAB CSA Program can put post-secondary education within reach of low-income families residing at Lincoln-Westmoreland Housing properties by enabling their children to build post-secondary education savings and raising educational expectations. Moreover, participating families can benefit from the financial capability and asset-building services to be provided by CAAB.
"We are thrilled that children in our two buildings will be participating in the first housing-based effort to build financial stability that will last a lifetime. The research is clear and we are pleased to be able to help," said David Jacobs, President, Lincoln-Westmoreland Housing, Inc.
"This project, instituting savings accounts with matched deposits, counseling, and other support, is a natural extension of Lincoln-Westmoreland Housing's efforts over the last 50 years in Shaw and DC. Until now, LWH has focused on providing high quality affordable housing; now we are investing in the community in a different way, with the hope of improving another essential aspect of our residents' lives," said Dahn Warner with KeyUrban, LWH's Owner Representative.
Over the next two years, the Lincoln-Westmoreland Housing/CAAB CSA Program, will provide participating families and their children a long-term savings mechanism and matched savings for the achievement of post-secondary education; provide financial capability and financial coaching services; create a roadmap for families to achieve savings, build credit and manage debt; and, link families with financial capability and asset-building resources in Washington, DC.
The Lincoln-Westmoreland Housing/CAAB CSA Program will benefit from the matched savings banking platform offered by Citi. CAAB maximizes the platform's escrow accounts and online system to ensure compliance with the program's objectives, track account transactions and provide client reporting
"We applaud the significant long-term investment Lincoln-Westmoreland Housing is making in the wellbeing of its resident families and their children," said Joseph Leitmann-Santa Cruz, CAAB's Associate Director. "CAAB is very excited to partner with Lincoln-Westmoreland Housing on this creative and ambitious CSA Program which is the first one of its kind in the Mid-Atlantic Region. The program is in full alignment with CAAB's vision of Financial Security and Prosperity for All."