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ASSET BUILDING PROGRAMS
Contact Details:
Amanda Burkhart
1-800-792-2801 or 412-281-2102 x 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 |
7 |
8 |
| Income Limit (Annual) |
$35,300 |
$40,350 |
$45,400 |
$50,400 |
$54,450 |
$58,500 |
$62,500 |
$66,550 |
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
Contact Details:
Amanda Burkhart
412-281-2102 x 2022
aburkhart@actionhousing.org
Program Purpose:
To assist potential homeowners in the home buying process through budgeting, credit repair, education, and document review. Pre-purchase counseling is especially vital in this economy. Borrowers are 41% less likely ever to become 60-day delinquent than equivalent borrowers who do not participate in counseling.
How the program generally works:
Assistance is offered through every step of the home buying process. A person who is interested in buying a house can call a pre-purchase housing counselor to schedule an appointment. At the first appointment, a credit report is reviewed and an action plan is developed. Credit repair issues are addressed. A savings plan is developed. Once a person is ready to buy a house, the housing counselor acts as an uninterested third party who can help review the mortgage documents in preparation for closing on a loan.
ACTION-Housing is a HUD-approved counseling agency and our pre-purchase counselors are certified by the NeighborWorks Center for Homeownership Education and Counseling (NCHEC) as well as the Pennsylvania Housing Finance Agency (PHFA).
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