Asset Development Commission holds inaugural meeting

Boston - 3/13/2008 - Representative James Eldridge (D-Acton) is pleased to announce the success of the first meeting of the Asset Development Commission. Rep. Eldridge was joined on Thursday March 13, 2008 by Senators Harriett Chandler and Marian Walsh, Undersecretary Tina Brooks, and representatives from various community organizations and financial institutions, such as MASSCAP, MIDAS, the Federal Reserve Bank of Boston, and the Mass Bankers Association. At the meeting, Rep. Eldridge and Undersecretary Brooks were named Co-chairs of the commission.

The Asset Development Commission was created in July 2006 with the goal of helping low-income families begin saving and growing their financial assets. By instituting this Commission, leaders in the field of economic development can come together to determine the most efficient policies that will assist residents in developing and retaining assets such as homes, small businesses and even higher education.

"Individual asset development is the best path to economic self-sufficiency," said DHCD Undersecretary, Tina Brooks. "The Patrick Administration is committed in its support of programs which assist low-income residents to maximize their income potential and increase their assets."

“I am very happy that the Commission was able to meet today. I believe that this Commission will set the standard for success in helping low-income residents in develop assets,” said Representative Eldridge. “I have worked hard with all my colleagues in order to provide our low-income and low-asset households with the tools they need to gain the assets they deserve.”

Representative Eldridge’s experience and background in economic development are imperative to the success of the Commission. His earlier work as a legal aid attorney for Merrimack Valley legal services and his work on the creation of the Individual Development Account (IDA) program have had strong connections to this Commission. The IDA program allows for low-income families to deposit $25 monthly into a two-year restricted account. The funds are then matched two-to-one by private and public sources. Participants must attend a series of financial education classes, and also must use the savings for education, the purchase of a home, or the opening of a business.

“Everyone living in the Commonwealth, no matter what income class they belong to, should have the opportunity to reach their full potential and accomplish the goals they have set for themselves. The IDA program allows for dreams to be reached and potential to be met,” said Rep. Eldridge.

The next meeting of the Asset Development Commission will be in early April, when the Commission will reconvene to discuss and establish sub-committees.