The Land of Enchantment is known for its big sky, adobe homes, arts and culture. New Mexico is also known as one of the poorest states, economically, in the country. We believe with smart investments, it can become prosperous.
- Asset Building: A highly effective strategy moving limited-income families from the margins to the mainstream of economic security. We work with organizational partners to provide family supports, financial education, and asset planning. These steps enable limited-income families to begin accumulate savings that can then be used to open an Individual Development Account (IDA). Savings through IDAs can be used to purchase a home, a college education, or to start or expand a business.
- Energy Affordability and Efficiency: New Mexico has “energy poverty”. We advocate keeping energy costs down for limited-income households; for more affordable energy rates, and for efficiency measures. Weatherization of a home can save as much as 30% in energy costs each year. That’s money that could be invested in an IDA to save for college or a home or business. Too often the costs of the basics, like heating or cooling, prevent working families and individuals from being able to save for the future.
Investment Creates Opportunity
We know that smart investments create opportunities for New Mexico’s families to move from poverty to prosperity. We have a track record of success doing just that.
Jose Cervantes was tired of renting. He longed for a permanent home for his family. He started saving with an IDA in Truth or Consequences, New Mexico. He was able to save enough money to purchase the land for a new home.
Now Jose is a home owner.
Building a Prosperity Network
Though New Mexico is one of the nation’s largest states, we’ve created a network that reaches deep into communities in need across the state.
“The New Mexico Assets Consortium” is a network of 32 community- based organizations that collaborate to bring opportunity to the moderate-income families in their communities. They provide Individual Development Accounts, tax return filing support, home weatherization services to reduce energy costs and other initiatives designed to maximize household income and decrease household expenses. Families are also taught to manage their debt and their household budget and to begin to save for their future.
Specifically, we create and nurture programs to:
- Help families save for college education
- Secure financing by working with local banks
- Build communities by encouraging home ownership
- Save to start a local business
We create these programs and train local organizations to support opportunities for prosperity, such as asset-building. These are our partners. Together we reach every corner of New Mexico.
Map of IDA holders in New Mexico
Return on Investment in New Mexico
We approach this challenge as a team effort.
Thanks to our funders, we work with organizations in the pueblos, villages and towns where New Mexicans live. One by one, we’re strengthening communities across New Mexico.