From:                              Cindy Brown [cbrown@fccaa.org]

Sent:                               Friday, May 14, 2010 11:25 AM

To:                                   cbrownfield@fccaa.org

Subject:                          Family Savings Account press release

 

Fayette County Community Action Agency, Inc.

N E W S   R E L E A S E

(724) 437-6050

 

 

FOR IMMEDIATE RELEASE:        Contact: Cindy Ekas-Brown

April 4, 2010                                                   PR/Outreach Specialist                                                                       

cbrown@fccaa.org                              (724) 437-6050, extension 4276

           

FCCAA offers Family Savings Account Program

 

Income-eligible people can open up savings accounts and receive matching money for every dollar saved (up to $2,000) if they enroll before June 30 in the Family Savings Account Program offered by Fayette County Community Action Agency, Inc. (FCCAA).

 

“Participants may use this money to purchase or remodel their homes, pay for their education or their child’s education, purchase a vehicle to provide transportation to work or school or start their own businesses,” said Rita Masi, the agency’s housing project manager.

 

Masi explained that the program will help participants to establish savings accounts at local banks or credit unions.

 

“They will be their own bank accounts, and the money will always remain in their names,” Masi said.

 

Participants will be required to attend classes about credit managing, grants and loans, financial planning, retirement and more.

 

“It’s a wonderful program because participants will have a chance to earn up to $2,000 by saving money,” Masi said.

 

Participants who save $12 a week for two years will earn $1,248 on top of the $1,248 they have saved.  At the end of the two-year period, Masi said participants would have a total of $2,496 plus interest earned.

 

Masi said participants are required to save a minimum of $10 per week, and they must spend their savings toward a selected goal.

 

Participants are required to attend at least four Family Savings Account classes covering topics such as “Savings and Money Management,” “Debt Management,” “Credit Repair,” “Bank Products and Services” and “Loans and Grant Resources.”

 

Families or individuals with incomes that do not exceed these guidelines may be eligible: one person, $21,660; two people, $29,140; three, $36,620; four, $44,100; five, $51,580; six, $59,060; seven, $66,540; and eight, $74,020. For each additional person in the family, add another $7,480.

Income eligibility is based on current household income and assets for the 12-month period preceding enrollment. Participants may not have assets totaling more than $10,000, but ownership of one home and one vehicle will not count toward the $10,000 asset limit.

 

Currently, Masi said there are 11 or 12 participants enrolled in the program. A total of 25 slots are available and must be filled before June 30.

 

“They can’t come into the agency on June 30 and enroll in the program,” Masi said. “They must have the paperwork completed, and the savings accounts open before June 30. It’s on a first-come, first-serve basis. If low-income people are interested in the program, they must come in as soon as possible before the slots are filled.”

 

The Family Savings Account project was financed, in part, by a grant from the Commonwealth of Pennsylvania, Department of Community & Economic Development.

For more information about the program or to enroll, call 724-437-6050, extension 3247.

 

                                             -30-