Express Matched Savings
Our Matched Savings program is now running an Express
account for people who are ready to get their goals off the ground in the
near-future. Funds available in the
last year of our current grant will allow us to offer a year-long Express
Matched Savings Program May 1, 2013 through May 30th, 2014 (enrollment
deadline October 15). As
opposed to the regular eligibility requirements for the program, applicants to the express program
are not required to live on a Foundation Communities property or have a
dependent, but will be required to have a letter of recommendation written on
their behalf. The Express program is limited to applicants who are seeking higher
education or the improvement/opening of a small business (no home-buyers), and
must complete their education requirements on a shorter time-frame.
Because of the
strict requirements for this year-long program, we are seeking participants who
are serious about saving and using the funds for college or their business. Since
we are not releasing this information on a large scale, we strongly encourage you
to share this information with any students or entrepreneurs if they have
demonstrated the ability to save, will be able to complete our education
requirements, and are certain that they will be enrolled in school or have
started their business by May 30th, 2014. An overview and application materials are now in the resource drawer in the main coaching office.
Fresh Start Loan
The Fresh Start Loan Program has made some updates that are
in line with what we have learned so far.
- The requirement for employment income has been lifted. Anyone with documentable income in the last 90 days is eligible, assuming they meet all the other qualifying criteria.
- A client must have checks or be able to get checks to qualify. This is the only form of payment Foundation Communities can accept (post-dated checks must be provided at the time of loan issue). Collecting money orders has proven to be a large administrative burden that Foundation Communities does not have the capacity for.
- A client may be declined for a Fresh Start Loan if they owe Foundation Communities money through previous transactions, including residence at a housing property.
For those needing an refresher on all of the requirements, see the Fresh Start overview!
Child Support for College
The incentives for the Child Support for College Program are
more generous than they were when the program started. Now, when a client opens a Texas College
Savings Plan with the minimum $25, Foundation Communities deposits a $100
incentive. Every $1 deposited beyond the
initial $25 is matched with $1. The
maximum incentive that can be deposited in an account is $500. The enrollment deadline is now August 21st, 2013 and all funds deposited by August 31st, 2013 will be matched. For all the details, visit the Child Support for College web page.
As always, if you have any questions or concerns, do not hesitate to get in contact with us. Thanks for reading!
