Did you know there is a savings program from the federal government called Family Development Accounts which enables low income families to establish savings accounts that will be used for targeted purposes. This would include activities such as buying a home, paying for an education or starting or expanding a small business. These savings accounts will be matched at a 2:1 ratio by public or private contributions when withdrawn to meet the savings goal.

Families who are eligible for Temporary Aid for Needy Families or the Earned Income Tax credit usually qualify to open an FDA. The program is designed to support goals that will contribute towards the building of assets for participating families. Goals include home ownership, business development, education and training.

Participating families can save between $20 and $80 per month in a FDA for a maximum savings of $2,000. This will then be matched two to one or $4,000. The total savings being $6,000! All deposits must be earned income.

Families usually participate for a period of two to three years. Length of participation time depends upon the identified savings goal and how much a family is saving each month.

Families have access to the FDA savings for emergencies, but only to the funds they have contributed. Families do have the right to withdraw their contributed funds at anytime, resulting in termination of the program.

Sound interesting? This program is administered through the Maine Family Development Account Coalition. For more information call Women, Work and Community at 778-2757 or 800-442- 2092, or call Western Maine Community Action at 800-645-9636. If you are eligible why not take advantage of this wonderful program!

As always it is my pleasure to serve District 90. If you have questions about this or anything else, please call me at 645-3420 or e-mail me at drtom16@hotmail.com.

Tom Saviello of Wilton represents House District 90: the towns of Avon, New Vineyard, Phillips, Strong, Temple and Wilton, plus the unorganized territories of East Central Franklin and Perkins and Washington townships.