Program helps people save for home, college

Dreams about owning a business, owning a home, or going back to school can become a reality thanks to a new program offered by Upper Cumberland Human Resource Agency.

The program, called Saving for Us, is a matched savings program that began in 2006. It is designed to help participants save for, and purchase, one of three asset dreams ‘ business, home, education.

Many don’t save for these assets because it usually takes a considerable amount of time and money. Through this program, participants will take the first step to their dreams by opening special savings accounts called Individual Development Accounts (IDAs).

To help them get to their dreams twice as fast, the funds are matched by community investors and public match dollars. While they place at least $30 or more each month into the account, the match places the same. That’s $2 for every $1 saved in the account.

Not only will the program help individuals save for a dream, it gives them the tools to make the most of the dream when the time comes. In the midst of saving, the program will help participants strengthen their financial knowledge, sharpen money management skills and repair credit record in a 10-part personal finance and money management workshop series.

Participants must reside in one of the 14 counties served by UCHRA. Along with Warren County, the agency serves Cannon, Clay, Cumberland, DeKalb, Fentress, Jackson, Macon, Overton, Pickett, Putnam, Smith, Van Buren and White counties. Also, they must have less than $10,000 in assets, excluding primary residence and one vehicle.

Other eligibility requirements include family size compared to adjusted gross annual income. Or, the family must fall within Federal Earned Income Tax Credit limits at the time of application.

Household size/annual income:

‘ 1/$19,600

‘ 2/$26,400

‘ 3/$33,200

‘ 4/$40,000

‘ 5/$46,800

‘ 6/$53,600

‘ 7/$60,400

‘ 8/$67,200

For more information, a complete list of eligibility requirements, and an application, please contact UCHRA at 473-6652.