affordable housing

updates

Funding Futures (continued)

Funding Futures Initiative will match a maximum of $2,000 of each account holder’s savings for earned income. The match ratios are 3:1 toward a home purchase and a 2:1 for either post-secondary education or capitalizing a business. Programs will also provide intensive financial, economic, and asset-specific education.

Most Americans working in low-wage jobs do not have access to the same investment opportunities as middle- and upper-middle class citizens. High down payments and strict credit requirements put homeownership and the resulting equity generated by this investment and the savings offered by the mortgage interest tax deduction out of the reach of low-income workers. College or vocational education that leads to higher wages and greater mobility in the workforce is priced out of reach of the working poor. Small business start-up is a traditional path to economic prosperity, but requires both capital and capacity for the owner to succeed. IDA programs can help families bridge these gaps and enter into the financial mainstream.

The Funding Futures Initiative, ending in 2010, has allocated nearly $1 million to match participant savings.