Frequently Asked Questions
| Q: | Who is eligible to participate in the savings program? |
| A: | Different programs have different eligibility requirements. Youth savings programs require that you be a junior or senior in high school, be under 20 years old, and meet the family income requirements. Standard Individual Development Accounts (IDAs) are available to those who qualify in one of two ways described below: |
- Persons eligible for the Temporary Assistance for Needy Families (TANF) program at the time of program enrollment (For more information on TANF, visit the Illinois Department of Human Services website.
- Persons who meet both of the following criteria:
- Their household adjusted gross income is either less than twice the Federal poverty line or within Federal Earned Income Tax Credit (EITC) limits at the time of program enrollment.
For the most recent Federal poverty guidelines visit the
Unites States Department of Health and Human Services.
2008 HHS Poverty Guidelines (200% Federal poverty level)
Size of Family Unit 200% Federal Poverty Level 1 $ 20,800 2 $ 28,000 3 $ 35,200 4 $ 42,400 5 $ 49,600 6 $ 56,800 7 $ 64,000 8 $ 71,200 Add for each additional person $ 7,200
- Their household net worth was less than $10,000 at the end of the calendar year that proceeded the day they applied for enrollment in program.
For all savings programs participant savings must be earned income. In other words, the participant must be employed for at least six months. If you have questions about eligibility, please contact the Asset Builders CDC office, e-mail info@assetbuilderscdc.org, or phone (312) 322-3000.
- Their household adjusted gross income is either less than twice the Federal poverty line or within Federal Earned Income Tax Credit (EITC) limits at the time of program enrollment.
For the most recent Federal poverty guidelines visit the
Unites States Department of Health and Human Services.
| Q: | What is the minimum age required to participate? |
| A: | Participants must be 19 years old to participate in our programs. The youth savings program is open to juniors and seniors in high school up to 20 years of age. |
| Q: | How do I apply for the program? |
| A: |
To apply for the program, simply download and print the application
and return it to the address that is indicated on the application. |
| Q: | Where are the programs located? |
| A: | Classes are traditionally held in the area of Chicago where the participants live. |
| Q: | How much can I save through the program? |
| A: | Individuals are allow to save up to $2,000 and families are allow to save up to $4,000. Each program has different savings structures so the money the participant is allowed to save and earn will vary. |
| Q: | How much does the program contribute to my savings account? |
| A: | The program matches your savings at a rate of 1:1 or higher. This means you will receive $1 for every $1 you save. A program with a 2:1 match rate means that the program would contribute $2 for every $1 you save. |
| Q: | How long does the program last? |
| A: | The savings programs typically run between one and four years depending on the program. |
| Q: | How much does the program cost? |
| A: | The program is free of charge to eligible participants. Instead, participants must agree to attend the required training classes and consistently contribute to their savings accounts. |
| Q: | What do you teach me in the classes that I would be required to attend? |
| A: | Many of our programs utilizes a curriculum created by the University of Illinois Extension called “All My Money” and “Your Money and Your Life”. Class topics are listed below. Classes are typically held for two hours on Saturday mornings for 10 weeks straight. Attendance is required to participate in the program, though make up classes are available if a participant has an emergency that causes them to miss class. Course topics can include: -Using Financial Institutions -Understanding Credit -Avoiding the Money Trap -Managing Debt -Choosing Insurance -Making Money with Money -Understanding Taxes -Envelope Budgeting -Planning Your Spending -Making Spending Choices The Youth Savings Program utilizes a youth focused program that has been developed by the National Endowment for Education called the NEFE High School Financial Planning Program. |
| Q: |
How successful has your program been? |
| A: | Asset Builders CDC has launched a number of savings programs in Chicago communities including Cabrini-Green, Austin, North Lawndale, Rogers Park, Uptown, Bronzeville, Rockwell Gardens, and Du Page County. Our participants have saved hundreds of thousands of dollars through our program. |
| Q: | How can I learn more about saving for a post secondary education, small business start up, or for a home? |
| A: | To learn more about our savings programs you can reference our Saving for A Small Business brochure or our Scholarship brochure. You may also contact our office via e-mail info@assetbuilderscdc.org or phone (312)322-3000. |
