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Financial groups to expand access to individual development accounts Thursday, Oct 25, 2007 Arkansas News Bureau LITTLE ROCK - Three financial groups on Wednesday announced a partnership to expand access to individual development accounts to underserved populations. The Federal Deposit Insurance Corporation, Southern Good Faith Fund and the Arkansas Assets Coalition will partner through the FDIC's Alliance for Economic Inclusion initiative. Individual development accounts are savings accounts that are matched with state allocations of federal Temporary Assistance for Needy Families funds or federal Assets for Independence funds, along with other sources of funds, including financial institutions. The accounts enable low-income families to save money for particular financial goals, such as buying a home, paying for college or starting a business. A ceiling of dollars and time frames is established for the match amount. The groups' goal is to expand individual development accounts to all of Arkansas' counties. The accounts are not currently available in 23 counties. To be eligible, individuals must be at 185 percent to 200 percent of the federal poverty level, or $38,202 and $41,300 annually for a family of four. Additionally, account holders cannot have more than $10,000 in assets, not including a house and car. "This is a very exciting partnership and a real opportunity to stimulate innovation in access to financial services for all Arkansans," Southern Good Faith Fund President Angela Duran said. |
