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ASSET BUILDING PROGRAMS
Family Savings Account Program
Contact Details:
Amanda Burkhart
1-800-792-2801 or 412/281-2102 Ext. 2022
aburkhart@actionhousing.org
Program Purpose:
The Family Savings Account Program (FSA) is an anti-poverty strategy that helps low-income people move toward greater self-sufficiency by accumulating savings and purchasing long-term assets.
How the program generally works:
The first step is for the participant to create their customized savings plan. This will outline how much the participant wishes to save ($1,000-$2,000), for how long they wish to save for (13 months to three years), and the goal for which they are saving.
The participant will then deposit money each month into their designated FSA bank account and work toward completing their specified savings goal. When the participant has reached their savings goal they will receive a dollar for dollar match from ACTION-Housing that will enable them to purchase their goal. Participants will also be required to attend specialized financial literacy training for their specific goal and work closely with their FSA administrator to ensure the successful completion of the program.
The money that the participant successfully saves and the corresponding matching funds from ACTION-Housing can be used to obtain the following assets:
- Home Purchase
- Make repairs to your current home
- Education for yourself or child
- Starting a new business
- Purchasing a car
Income Eligibility Guidelines:
| Household Size |
1 |
2 |
3 |
4 |
5 |
6 |
| Income Limit (Annual) |
$33,600 |
$38,400 |
$43,200 |
$48,000 |
$51,850 |
$55,700 |
Application/Filing Procedures:
Call the phone number(s) listed above for an application.
Print out the application and mail to the address on the form
Partner Agencies or Funded by:
Department of Community and Economic Development
United Way of Allegheny County
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