Low-income, qualified residents living in Lafayette Parish have the opportunity to open a special savings account and receive matching funds to save toward owning a home, furthering education, or starting a small business.

A partnership between Lafayette Consolidated Government’s Community Development and Planning Department (CDP) and Southern University’s Center for Social Research and A&M College is designed to provide low-income families with incentives to save money. For every dollar saved, Southern will match with $4 up to $4,000.

Eligible participants accepted into the program can start saving money after opening what’s called an Individual Development Account (IDA). The goal is to enable families to increase their assets and increase financial stability. 

LCG’s Housing Counseling Department will work with clients on accessing funds and incorporate the department’s existing housing counseling program.

Eligibility Requirements:

• Household must include at least one minor child
• Clients must have earned income
• Clients must provide net receipts if self-employed
• Clients must agree to open an IDA savings account and save at least $50 per month
  

Annual Household Income Maximum:

Household Size of 2 — $36,620

Household Size of 3 — $46,060

Household Size of 4 — $55,500

Household Size of 5 — $64,940

Household Size of 6 — $74,380

Household Size of 7 — $83,820

Household Size of 8 — $93,260

For each additional person, add $9,440

 

To apply, visit https://lafayettela.gov/DP/community-services/southern-university-isave-program.

Prospective homebuyers are provided a one-on-one session to help assess their financial profile, credit analysis and overall purchase readiness. Various loan options and mortgages are reviewed. 

Homeowners experiencing late payments, income changes, and/ or foreclosures are provided options for home retention.

Support is provided through locating available rental housing and assisting with landlord/ tenant problems.

Individuals and families are counseled and referred to shelters, social service agencies and/ or housing related programs.

Support and information is provided for homeowners needing help with issues that may arise after the home is purchased.

Potential homeowners and renters interested in purchasing a home will learn fundamentals of the home buying process. Certificates are issued upon completion.

Participants learn the key elements in exterior maintenance, interior cleanliness, and minor plumbing repairs. Energy star and green products are promoted.

Tips on how to budget, understand credit reports, manage finances, credit recovery and payment schedules are offered as ways to enhance basic money management skills.

Clients are provided information and referrals to other social service agencies when their needs are not being met.

Persons who feel they have been discriminated against in a housing transaction due to: Race, Color, Religion, Sex, National Origin, Handicap, or Familial Status, may contact the Discrimination Complaint Hotline at (337) 291-5451.