The Match Savings Incentive Program is designed to assist individuals with low to moderate income on the path toward asset ownership through a matched saving and financial education. A maximum of $1000 will be match by West Elmwood Housing Development Corporation at the end of the 18 months, at a rate of 1.1. The MSIP will contribute one dollar of the earned income toward one of the designated asset. The four assets that the savings can go toward is the following,

1. First Home Purchase or an apartment
2. Post-Secondary Education expenses 
3. A Business 
4. A Purchase of a Vehicle 

Eligibility and Outreach

In order to be eligible to participate in the Match Savings Incentive Program MSIP you must meet the following requirements,

• Participate in one of West Elmwood Housing Programs
• Have an earned income
• Have a household income of less than $60,000

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Financial Capability Workshops 

West Elmwood’s Home Ownership counselors received training to teach all the workshops. Using the Financial Empowerment curriculum from the Bureau of Consumer Financial Protection, participants of MSIP are offered 4 workshops. The 4 workshops are, 

1. Behind on Bills? Start with one step.
2. Debt getting in your way? Get a handle on it. 
3. Want credit to work for you? Start with these steps.
4. Building your savings? Start with small goals.  

All of the workshops will take place at West Elmwood Housing Development Corporation.  MSIP participants will submit quarterly bank statements to help keep track of their savings. 

After completing the Financial Empowerment program individuals will:

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• Have the ability to understand and interpret their credit report 
• Know how to and increase/repair their credit score
•  Know what to do to recover from identify theft or fraud 
•  Report identity theft
• Create debt action plan, prioritize debt, and respond to debt collectors. 
• Track and analyze their spending habits as well as prioritize their bills
• Will have the ability to set financial goals