PNC and Johnson Controls Pledge to Support Havenwoods Neighborhood Partnership’s New “Raising Wealth-ida” Program

Pilot program will support low-income Milwaukee residents with asset creation and economic mobility

Havenwoods Neighborhood Partnership (HNP) announced the commitment of the PNC Foundation and Johnson Controls International Corporation’s Foundation to help fund the launch of a new program, Raising Wealth – Individual Development Account (IDA). The pilot program is designed to provide low-income Milwaukee residents with financial education and mentorship to support economic mobility, including a matching incentive as a channel to build wealth through a special IDA savings account.

“Financial security can be an overwhelming goal for many in our community,” said Stephanie Harling, CEO of HNP. “For those earning low wages or caught in the endless cycle of debt repayment, this program offers an opportunity to develop their financial acumen and identify a way out of poverty.”

Individual Development Accounts are special paired savings accounts designed to help participants start saving with a predetermined goal to help them build their personal wealth. A “savings match” is a promise by HNP to match a participant’s savings at a specified rate. For every dollar saved, HNP, with support from the PNC Foundation and the Johnson Controls Foundation, will match the rate based on the participant’s goals. This goal can be as little as $20 per month. PNC will maintain custodial accounts.

The HNP program fills a significant need in neighborhoods where lack of access to affordable financial services and resources creates challenges for low-income, low-income residents seeking economic mobility. More than 11% of Milwaukee residents, or about 40,000, are unbanked according to Bank On Milwaukee, an organization dedicated to working with financial institutions, community organizations and local government to ensure all residents have the possibility of being in good financial health.

“Creating and nurturing an evolving banking relationship is critical to how PNC seeks to help communities move forward to achieve financial well-being and economic mobility,” said Marquita Hicks, PNC Relationship Manager. Community Development Banking in Wisconsin. “This pilot program has the potential to create an impactful pathway for wealth accumulation, good spending habits and other positive outcomes such as future homeownership, buying a car or pursuing higher education to get a better job.”

The asset building goals for the Raising Wealth IDA program are: purchase of a car, debt relief, home ownership, and higher education. Participants are required to complete financial education with a financial education partner, Jackie Carter of the YWCA of Southeast Wisconsin. A maximum of 10 Milwaukee residents ages 18 and older are eligible to participate in the two-year program. Johnson Controls, Inc. Foundation has also invested in this program to help with operations.

“Many of our participants are from single-parent households. This special IDA Matched Savings Incentive is not only a great vehicle to help put money in their pockets, it also creates a new level of financial insight when complemented with education. and mentoring. Our approach to lifting people out of poverty is to provide them with opportunities that pivot them to a new level of financial well-being and active asset building,” added Harling. “This is how we can have a big impact on the economic well-being of our Havenwoods families.”

The four-week in-person financial education course was launched in late January. For more information and registration assistance, please call the Havenwoods Helpline at 414-431-2271.

About the PNC Foundation

The PNC Foundation, which receives its primary funding from the PNC Financial Services Group (www.pnc.com), actively supports organizations that provide services to benefit the communities in which it has a significant presence. The foundation focuses its philanthropic mission on early childhood education and community and economic development, which includes arts and culture.

About the Johnson Controls Foundation

The JOHNSON CONTROLS FOUNDATION (Foundation) is organized and directed to be operated for charitable purposes which include the distribution and application of financial support to well-managed and operated organizations or causes which are fundamentally philanthropic.

About Havenwoods Neighborhood Partnership

Since 2012, Havenwoods Neighborhood Partnership (FKA Havenwoods Economic Development Corporation) has operated as a 501c3 nonprofit organization, dedicated to maintaining the economic health of the Havenwoods community in far northwest Milwaukee. For more information, visit www.havenwoods.org.

James V. Hayes