Family Development Accounts

Finding it difficult to save money....FDA_logo.JPG

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 “FDA” 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 put $5 in, you then have $20 in the bank. 

Families who are eligible for State of Maine Temporary Assistance for Needy Families (TANF) with a minor child in the home are eligible and can use the funds…

  • to repair a home that is or will be the primary residence
  •  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.
  • FDA savings can also be used to

    .. to buy a house?
    ... to further your education?
    ... to start or grow your own business?

    Who is eligible for this? TANF eligible families and those have earned income whose household income falls at or below $23,060 for one person $32,040 for two people $40,320 for three people. 

    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 some of our success stories to see how the program has worked for our clients. If they can do it, so can you. Start saving today!

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