Asset Development Opportunities

The Family Development Account (FDA) Program is a free and voluntary program offered state-wide to people who want to save money in order to:

• Buy a house
• Pay for education or training
• Start or expand a small business

The FDA Program:

• Will give you guidance on how to save and manage your money effectively, how to build good credit, and how to reach your goal.
• Matches every dollar you deposit in your FDA with two dollars from public and private investors.

Program participants:

• Are usually families/individuals who are eligible for TANF, the Earned Income Tax Credit, and have a household income at or below $19,600 for one person, $26,400 for two people, $33,200 for three people, and have a net worth of less than $10,000 (not counting your home and primary vehicle).
• Set a savings goal and decide how much they will save per month, open a special savings account called a Family Development Account, and make regular monthly deposits between $20 and $80 per month. The greatest amount of match a saver can earn is $4000 (plus $2000 of their own savings) for a total of $6000. All money deposited in the Family Development Account must be earned income.
• Complete a money skills class.
• Receive information and education around the goal that they identify and may be asked to attend a training such as a homebuyer's course.

For more information please call: 1-800-442-2092 (in Maine) or (207) 621-3440 (out of state) or contact us by email