The Service to America Medal, which was presented to the Money Smart Community Affairs Team, came with a $3,000 award. The Team decided to donate the entire amount to the Individual Development Account (IDA) of Cirilo Robles of Los Angeles, a new homeowner who has benefited from the Money Smart financial education program.
The Robles Family: Rebeca and Cirilo and their sons, Alejandro and Eduardo.
IDAs are designed to encourage personal savings in economically distressed communities. IDAs are matched savings accounts that provide incentives for individuals with low incomes to save money, become financially literate, and accumulate assets to escape the cycle of poverty.
Typically, once an IDA accountholder reaches his or her savings goal and attends required financial literacy classes, each dollar of his or her savings is matched with anywhere from one to four dollars from private and public sources. The savings can then be used to purchase or repair a home, pay for college or job training, or start or expand a small business.
Mr. Robles, who works in a florist shop, his wife Rebeca, and their two children, Alejandro and Eduardo, recently achieved their dream of home ownership through a program administered by the Neighborhood Reinvestment Corporation. As part of that program, Robles attended and graduated from the Money Smart course. The Money Smart Community Affairs Team donated their award money to help the Robles family attain other goals in the future.
"My wife and I are very appreciative and thankful for all of your help," said Cirilo Robles. "We especially want to thank the FDIC for everything they have done. We are grateful and feel very fortunate to have met such wonderful people and to be with a great organization that makes dreams come true."