Community-based organizations can access financing to administer a family Development Account project to help low-income residents participate in matched savings programs. These savings programs will help families in your community pay for school, purchase a new house, make home improvements, or start up a small business.
A community-based organization formed under Chapter 352, RSMo or any non-profit corporation formed under Chapter 355, RSMo.
The Department of Economic Development (DED) issues state tax credits to an eligible taxpayer who donates money to an organization approved to administer a Family Development Account (FDA) project.
Organizations approved to administer a Family Development Account project recruit low-income Missourians to participate in a matched savings program to help pay for:
- Education at an accredited institution of higher learning;
- Purchase of a primary residence;
- Major repairs or improvements to a primary residence; or
- Start-up capitalization of a small business.