Finance

ACHIEVEability parents are required to maintain employment while in the program. Their respective incomes must meet all necessary monthly expenses, including rent and utilities. At a minimum, parents must be working 30 hours per week.

ACHIEVEability strives to help its families become financially self-sufficient. A family's financial progress is measured by credit score, savings and earned income. We use the Self-Sufficiency Standard for Pennsylvania as a measuring tool to determine each parent's progress toward financial self-sufficiency.

The average ACHIEVEability family is comprised of one adult and two children and is earning $19,153 per year, which is 57% of the Self-Sufficiency Standard for Pennsylvania in Philadelphia County.

During the past two years, 25 ACHIEVEability parents earned college degrees. Upon entering the program for these parents:

  • The average hourly wage was $9.76.
  • The average yearly earnings was $20,301.

Upon earning degrees for these 16 parents:

  • The average hourly wage was $16.20.
  • The average yearly earnings was $33,697.

This represents an increase in earning of 66% for these families bringing their average earnings above the Self-Sufficiency Standard for Pennsylvania in Philadelphia County. This increase in annual earnings of more than $13,000 reinforces the importance of education in breaking the cycle of poverty.

 

Individual Development Accounts

ACHIEVEability, in collaboration with the United Way of Southeastern Pennsylvania, provides Individual Development Accounts (IDA) to its families. The IDAs match the savings of those enrolled 2 to 1. Participating parents save $2,000 and, in return, receive an additional $4,000. IDAs also help our parents learn financial skills in saving, budgeting and money management. The funds saved through the IDAs are used toward the settlement costs to buy a home.

For more information contact:

Yahya Bey
215-748-8839
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Homebuyers Club

PNC Bank in partnership with ACHIEVEability presents this series of classes to our parents. The 6-week program provides practical advice on how to prepare to become a homeowner, how to increase the chances of getting a mortgage, how to repair or protect credit and how to shop for a home. The Homebuyers Club is offered throughout the year.