Get Financially Stable
Matched Savings Program
Foundation Communities' residents who qualify have the opportunity to open a Matched Savings account for up to 3 years. Accountholders receive $2 for every $1 saved toward buying a first home, funding post-secondary education or opening or expanding a small business.
Thank you Greater TEXAS Federal Credit Union
Alice Graulty, Matched Savings Program Coordinator
What does that mean?
1) Be a Foundation Communities Resident
Residents of our North Texas Properties are only eligible for home purchase saving option.
2) Have Earned Income
Someone in your household must have income from a job or self-employment
3) Assets under $10,000
The value of your household assets (i.e. 2nd vehicle, 2nd home, stocks, bonds, 401K, other investments) cannot exceed $10,000
4) Meet the Income Limits
Check the "Income Limits" table below for your household size.
Applicants under 24 who do not have dependents and are not married must show that their parents’ income also meets the income limits.
2013 Income Limits
|Individual||$23,340||Your income can be determined by checking the Adjusted Gross Income on your most recent tax return - OR - by totaling a year's worth of your household's current monthly gross income.|
|Household of 2||$31,460|
|Household of 3||$39,580|
|Household of 4||$47,700|
|Household of 5||$55,820|
If you are still not sure whether you qualify, take our Eligibility Survey.
Before submitting your application, please make sure you’re eligible for the program.
Applicants can either fill out the paper application below and send it in, or email firstname.lastname@example.org to request a link to the online application.
All applicants have the option of turning in the Letter of Recommendation form which can be filled out by an acquaintance, co-worker, employer, teacher, mentor, case-worker or anyone else (not a family member or friend) who can speak to the applicant’s ability to follow-through on goals.
Once your application has been turned in, you’ll receive an email or phone call regarding your status. Feel free to check in if you have questions during that time.
You will be notified of either:
□ Contingent Acceptance.
We may have follow-up questions regarding your application and may ask that you take further steps before enrolling in the Matched Savings program.
If you are accepted into the program, we will schedule an in-person meeting to set up the account and you will need to provide all of the required income documentation at that meeting.
All Participants in the Matched Savings program must be sure to meet the following requirements in order to keep their account in good standing:
1) Be in good standing with Foundation Communities apartments or duplexes.
2) Make a deposit every month & save at least $300 per year
3) Complete the Money Management course series within 6 months
Participants Saving for their Small Business must also complete 8 hours of small business courses
Participants saving for a Home must also complete an 8-hour Homebuyer Education Course
Participants saving for Education must also submit an Education Plan
City of Austin Matched Savings Program
Unfortunately, our Matched Savings Program is currently only available for residents of our housing properties; however, the City of Austin has their own Matched Savings Program. Visit their website to find out more information.
For answers to FAQs, click the links below:
- For a list of participating banks where you can make a deposit, click here.
- For a Money Management schedule for all participants, click here.
- To find free Homebuyer Classes in Austin, click here.
- To find free business classes in Austin, click here.
- Resources for college savers can be found here.