Financial Stability

Matched Savings Program



Foundation Communities has been offering Matched Savings accounts for Home Purchase, Small Business, and Education to its residents since 1998. Matched Savings participants deposit into a special savings account at Greater Texas Federal Credit Union, and Foundation Communities matches each dollar saved.

Program Eligibility

All applicants must meet the following requirements as well as any additional requirements specific to Home Purchase, Small Business, or Education listed under each section below.

  • Priority given to residents of Foundation Communities’ properties

  • Must have earned income from a job or small business

  • Cannot have more than $10,000 in assets (1st car and primary home do not count as assets. Assets can be reduced by debt. For example, a person with $10,000 in retirement and $5,000 in student loans only has to count $5,000 in assets)

  • Total household income cannot exceed the following income limits:

Individual: $23,760

Household of 2: $32,040

Household of 3: $40,320

Household of 4: $48,600

Household of 5: $56,880

 

Home Purchase

Buying a home is a popular goal for Foundation Communities residents, but it can also be one of the most difficult to attain. We have rigorous requirements for residents applying for a Matched Savings account but we also have a team of Financial Coaches at our Community Financial Centers and homeownership counselors at Frameworks who can work with you to get there.

Program Length: 2 years

Match Rate: 4 to 1 ($1,000 from saver, $4,000 from Foundation Communities)

Additional Eligibility Requirements:

  • Obtain Certificate of Completion from Frameworks CDC Homeownership class

  • Be mortgage-ready as determined by Frameworks and Foundation Communities

 

Small Business

Many of our residents work for themselves, and have for years, but may not have formalized their business with a Business Plan and a separate Small Business Bank Account. If you’re ready to take those steps, our program, with help from the Economic Growth Business Incubator (EGBI), can work with you to grow and organize your small business.

Program Length: 1 year

Match Rate: 8 to 1 ($250 from saver, $2,000 from Foundation Communities)

Additional Eligibility Requirements:

  • Complete Emerging Enterprises courses at EGBI, including presenting business plan & obtaining Certificate of Completion

  • Receive referral from EGBI Staff and commit to working with EGBI staff towards completing small business goals & Matched Savings program requirements

 

Education

Currently our Education Matched Savings program can only be accessed through our College Hub. Our College Hub experts can let you know whether any Matched Savings accounts are available at this time. They can also help you with any college-related questions through our Student Support Services and Financial Aid Assistance to our Free Minds program.

 

How to Sign Up

Click here to fill out the Matched Savings Eligibility Survey. Our Matched Savings Program Coordinator will email or call any eligible residents once a week. If you have questions in the meantime, feel free to email alice.graulty@foundcom.org or call 512-610-7381.