CAAB Provides Testimony to DC Council's Committee on Human Services re DC Child and Family Services Agency and to Raise EITC Awareness
On April 1, 2019, Brian Stone, Program Manager at Capital Area Asset Builders (CAAB), provided testimony re CAAB's partnership with the DC Child and Family Services Agency (CFSA), CAAB's management of CFSA's Making Money Grow Program and to raise awareness of the Earned Income Tax Credit for foster youth in the District of Columbia and for the benefit of low- and moderate-income Washingtonians.
CFSA is a key partner of CAAB's financial empowerment work in the District of Columbia. As stated by Mr. Stone "CAAB has partnered with CFSA’s Office of Youth Empowerment to provide financial education services and lifelong skills around the importance of savings and overall money management to youth in the care of the DC government. The matched savings program provides youth the opportunity to receive a 1:1 match on up to $500 each year from ages 15-17, and a 2:1 match on up $1,000 from ages 18-21. If a youth starts the program at 15 and maximizes their savings, they can receive $7,500 in matched funds and exit the program with $12,000. The match funds can be used for housing, car purchase or repairs, health care expenses, education expenses, or to start a small business. Additionally, the program provides foster care youth the ability to use their matched savings funds for transitional purposes. Along with the match component of the program, youth also receive one-on-one credit coaching, and comprehensive financial education training. CAAB has witnessed the impact of this program on the lives of our youth, both while in care and once they transition from care."
To read CAAB's testimony, please see the attached document.
About the DC EITC Campaign
The CAAB-managed DC EITC Campaign, is a citywide, cross-sector initiative that provides access to information on the EITC and connects Washingtonians with free tax preparation services throughout the District.
The DC EITC Campaign is made possible through the support from the DC Department of Insurance, Securities and Banking (DISB), Washington Gas, Citi Community Development, United Way of the National Capital Area as well as other key private sector partners.
About Capital Area Asset Builders
Capital Area Asset Builders (CAAB) is a non-profit organization whose mission is to empower low- and moderate-income residents of the Greater DC Area to take control of their finances, increase their savings, and build wealth for a better future.
Connect with CAAB via our social media platforms:
- Twitter: @CAAB_GreaterDC
- Facebook: https://www.facebook.com/CapitalAreaAssetBuilders
- LinkedIn: https://www.linkedin.com/company/capital-area-asset-builders
