Matched Savings Accounts
The main purpose of the Matched Savings work group is to strengthen and expand matched and incentivized savings programs in Texas. To do this, the working group is focused on two main areas: sustainability and resources.
Resources, that include information and technical assistance, will be produced and available to support groups around the state in designing and implementing new IDA programs and other incentivized savings programs, or to re-design and expand existing programs. These resources should make it easier and more attainable for new groups that like the idea of starting an IDA or other incentivized savings programs in their community to actually put the plan in motion.
Sustainability is an issue that every IDA program will face at one time or another. For this reason, this is a major focus area on a number of levels. On the state and national level, we are working to put together both state and federal policies to help support Texas programs through the years. We are also looking to combine products and programs, fee generation, and ways to tie the work in as part of economic development.
- RAISE Texas IDA Toolkit
- 2012 RAISE Texas IDA Survey
- RAISE Texas' listserv provides general information on funding opportunities and policy alerts around IDA programs.
- As part of this working group, participants will receive emails on specific matched savings-related topics sent to RAISE Texas by state or national organizations.
- Opportunities to partner with one of our IDA mentors to discuss starting or expanding an IDA in your community.
- Current IDA programs are listed in our online database for individuals to find asset-building programs in their communities by zip code.
Current Activities to Support Sustainability
- RAISE Texas and its partners support state legislation to help provide funding opportunities at a non-federal level designed to reach as many Texas programs as possible. These efforts would include the possibility of getting some private donation commitments for a statewide IDA program that might help push the legislation through in future sessions.
- This working group supports and raises awareness of the federal legislation and helps support the re-authorization of the Assets for Independence (AFI) with recommendations that would make the program more accessible to Texas groups.
- Discussions continue on ways to combine a number of asset-building products and programs; potential fees to generate some outside income; ways to develop economic development indicators and outcomes for matched savings products.
The following bills were introduced during the 83nd Legislature:
HB 445 Rep. Dukes
Relating to the creation of the individual development account program to provide savings incentives and opportunities for certain foster children to pursue home ownership, postsecondary education, and business development
SB 980 Senator Davis
Relating to the creation of the individual development account program to provide savings incentives and opportunities for certain foster children to pursue home ownership, postsecondary education, and business development.