Get Financially Stable

Matched Savings Program

    

Program Description

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 
for making our Matched Savings Program possible!

 

Program Contact

Alice Graulty, Matched Savings Program Coordinator
Alice.Graulty@foundcom.org
(512) 610-7381

Eligibility

Requirement

What does that mean?

1) Be a Foundation Communities Resident

You must live in an Austin or North Texas property run by Foundation Communities. 

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.

Apply for the Matched Savings Program


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 alice.graulty@foundcom.org to request a link to the online application.

Solicitud en español
Application in English

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.

-OR-

□ Acceptance.

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.

Requirements Once Your Account is Open

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. 

 

Frequently Asked Questions

For answers to FAQs, click the links below:

Frequently Asked Questions - English
Preguntas Frequentes - Español

Resources

  • 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.

IDA for Homebuying        IDA for Business