Establish the Program Goals: The goal of the Rent to Wealth program is to provide assistance to low-income families to help them become self-sufficient and achieve financial independence. The assistance should be geared towards helping families become homeowners, create additional income through entrepreneurship or property investments, or to help them save and build wealth over time.
Design the Program Elements: The program should include elements that help families become educated on financial literacy and best practices to assist them in building wealth. These elements should allow the participant to receive immediate assistance through access to low-interest loans, rent payment assistance, and other financial services. The program should also include asset building components so that participant’s assets increase over time, such as matched savings accounts and grants for education or business start-up.
Identify Program Participants: The program should target low-income families who are at risk for economic instability. This could include those living in poverty, those at risk of eviction, those that are unemployed, underemployed, or those with limited financial resources.
Establish Partner Organizations: Partner organizations should be identified that can provide assistance such as housing, legal, financial, and other job related services in order to ensure that all participants receive comprehensive support. These partnerships should also be designed to sustain the program over time.
Implement Evaluation Measures: Evaluation measures should be established to assess the program’s effectiveness and track the progress of participants to understand which elements are successful and need to be modified and adjusted as needed.
