CAAB’s Matched Savings Program assists residents of the Greater DC area to save money for post-secondary education, buy a home or start or expand a business.
CAAB’s Matched Savings Program is currently comprised of Individual Development Accounts (IDAs). IDAs are available for eligible residents of the Greater DC area who meet income guidelines and other program requirements. CAAB raises funds from the federal government, local governments in the Greater DC area, foundations, and individual donors to match funds saved by participants in their IDAs.
Since 1997, more than 2,000 individuals have enrolled in CAAB’s Matched Savings Program. Those participants in CAAB’s Matched Savings Program who successfully reached their savings goals went on to invest in their chosen asset: investing in first homes, post-secondary education, or starting or expanding their small business. These hard working individuals and families have saved over $1,100,000 in their accounts and earned over $3,500,000 in matching funds.
In total CAAB and the participants in CAAB’s Matched Savings Program have invested over $4.6 million in the economy of the Greater DC area.
Update as of October 2015
CAAB’s goal is to assist participants save regularly for investments in post-secondary education, small business start-up, and homeownership. Our matched savings accounts, also known as Individual Development Accounts (IDAs) are available to Applicants who meet the required income eligibility and net worth guideline requirements established by the Assets For Independence (AFI) Program under the Department of Health and Human Services.
Currently, the application and waitlist window for this grant period are closed. Information about the next grant period, including eligibility guidelines will be posted on the website. Please check back closer to the Summer of 2016.
However, you may still qualify for and benefit from our free Financial Education classes, workshops and one-on-one financial coaching sessions (http://caab.org/en/programs/financial-education) and free Tax Preparation services (http://caab.org/en/programs/consumer-education/dc-eitc-campaign).
We appreciate your continued interest in CAAB’s Matched Savings Program.