FAQ - Programs to help save for a down payment

Question


Are there any programs to help me save for a down payment?

Answer

Being able to save money each month is an important habit to develop to succeed as a homeowner. Families need to save for winter fuel cost, regular maintenance and upkeep of their home and unexpected repairs. If you don’t prepare by saving for these expenses they can threaten your financial security. The housing authority’s subsidy does not cover all homeowner expenses. This has been an area of concern and difficulty for homeowners. You may be eligible for one of the following programs that can assist you in building a savings.

EmPOWERme 
Eligible families may participate in Portland Housing Authority’s Resident Services program, emPOWERme. This program helps families meet their needs to become stable and if eligible you may earn money in a managed savings account as your family’s income increases from employment income. For more information, please contact a coach at (207) 773-4753 ext. 8266 or by e-mail at emPowerme@porthouse.org

New Ventures Maine 
has two matched savings programs. One is the Family Development Account (FDA) Program which is funded through federal grants. A limited number of accounts are available each year. This program matches each dollar you deposit into your FDA account with up to a $4 from public funding and private donors up to a fixed amount. It also provides advice on how to save and manage your money effectively, how to build good credit and how to reach your goals. The second program is a Rainy Day Savings Account (RDSA) Program. This program matches each dollar you deposit into your RDSA with $1 from private donors. Income limits apply for both programs. If you are interested in learning more about these programs please contact Jean Dempster at 1-800-442-2092.

Community Concepts, Inc. 
offers a Family Development Account for the purpose of saving for a down payment. There are not income limits for this program. Participating families establish a savings account and the savings are matched by public or private contributions when the requirements of the program are completed. If you are interested in learning more about this program please contact Melissa Green at 1-866-221-4383 Ext. 2118.