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Have You Dreamed of...
- Owning Your Own Home
- Starting a Business
- Going to College or Technical/Trade School
The Family Asset Development Program is designed to help low to moderate income families save towards one of those three goals.
We Will Help You Save
You will sign a Savings Plan Agreement and save at least $10 per month, up to $1,000. The Family Asset Development Program will match your savings up to $2,000 in two years. At the end of the two years, you will have enough money for a 5% down payment on a $55,000 home or provide a 20% match for a $13,000 micro-business start-up loan.
What You Have To Do
All you have to do is attend the appropriate Life Skills Modules over the course of the 24 months and make your monthly deposits. You will then have up to three years to buy one of the three types of assets. HRDC will open an account for you and will provide monthly statements on how you are progressing toward your savings goals. When you want to use the money for your goal, we will write a check to the bank, school or other service provider.
Life Skills Modules
The modules are classes designed to help you succeed in reaching your life goals. You are required to attend at least one session per month, but depending on your savings goals, may need to attend classes more frequently.
Homeownership Counseling
Cumberland Neighborhood Housing Services offers this five session module which covers such topics as financing a home, determining if you are ready to buy and how to keep a home after you've bought it.
Secondary Education
Our skilled job training program offers assistance in preparing for entrance exams and computer literacy. The program also offers assistance in getting all the needed information for enrollment into either a vocational training institution or college.
Small Business Development Training
Western Maryland Small Business Development Center provides an intense 10 session training module that will give you the skills needed to succeed as a small business owner.
If you would like more information about the Family Asset Development Program, call 301-783-1704.
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