Family Development Accounts
Finding it difficult to save money?
A Family Development Account helps you save money to reach your goals,
maintain your home and secure your employment and education.
A Family Development Account or â€śFDAâ€ť is a savings account that makes a
difference and can help in a time you need it most. For every dollar you
save, The FDA
Coalition matches it with four additional dollars, so your savings add
up quick. You deposit $5 in your savings account, you earn $20 in match funds, for a total of $25.
Who is eligible?
TANF eligible families and those whose household income falls at or below $23,760 for one person, $32,040 for two people, and $40,320 for three people can use the funds...
- to buy a house
- to further your education
- to start or grow your own business
Families who are eligible for State of Maine Temporary Assistance for Needy Families (TANF) with a minor child in the home may also use the fundsâ€¦
- to repair a home that is your primary residence
- to purchase or repair a vehicle that is used to get to work or to and education or training program or
- for an emergency that may cause loss of shelter, employment or other basic needs.
If you are interested and would like more information about the FDA Program, please contact Roberta Teeto at 973-3624. Or you may fill out a pre-application and we will contact you. Also, check out our success stories to see how this program has work for our clients. If they can do it, so can you. Start saving today!
*Funds are not eligible for current student loan debt