A MATCHED SAVINGS ACCOUNT PROGRAM
Two Rivers Regional Council Individual Development Account Program is funded by the US Department of Health and Human Services-Assets for Independence Program. This is a matched savings program for low income people so that they may begin using traditional banking services to purchase an asset such down payment on a home, post secondary education, or to start a small business.
The program triples the participant’s savings by matching it 2:1. In other words, if a participant saves $1,000, they will receive an additional $2,000 from the program. One match will come from the HHS grant and the second match will come from local institutions, such as First Bankers Trust, Mercantile Bank, United Community Credit Union, Members First Credit Union and Quincy Housing Authority. The participant has up to three years to reach their goal.
Some requirements must be met in order to participate in the program. The savings must be from earned income, participant must attend 10 hours of financial education, must not have over $10,000 in assets (excluding one house and one car) and must follow their savings plan.
Up to 20 people may enroll in this program. Applications can be made through a partnering agency (YWCA, Quanada, Department of Human Resources, USDA Rural Development) or directly by contacting Two Rivers Regional Council. Not everyone that applies will be admitted into the program. Those eligible for Temporary Assistance for Needy Families (TANF), or those whose household assets do not exceed $10,000 and who are either eligible for the Earned Income Tax Credit, or have total household income of less than two times the Federal poverty line are eligible to participate in the program.