Financial Stability

Matched Savings Program



Foundation Communities has been offering Matched Savings accounts 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. Accounts can be used for home purchase or college tuition.

 

How to Sign Up

Step One: Click here to fill out the Matched Savings Eligibility Survey.

Step Two: 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.

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

 

Financial Coaching for Home Purchase

Ready to dive in? Our Financial Coaches can help you meet financial goals at any stage in the homebuyer process, from the idea phase to mortgage-readiness. We have coaches at both our North and South Community Financial Centers ready to connect you to resources, walk you through our homebuyer guide, or help you meet goals set by your homeownership counselor.

Call 512-610-4026 to schedule an appointment and make sure to mention your goal of homeownership so you get paired with the right coach.

 

Program Eligibility

All applicants must meet the following requirements as well as any additional requirements specific to the Home Purchase or Education programs 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

 

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.