YOUR MONEY

DOUBLE YOUR MONEY WITH THE NETWORK SAVINGS PLAN

About The Plan

The Network Savings Plan provides a 2:1 match for money that you save to enable you to

  • Own a home,
  • Go to college, or
  • Start your own business.

All you need to do is to save $25 or more per month in a Network Savings account for at least 6 months and no longer than 3 years.

 

For families, the Network Savings Plan will match up to $2,000 of your savings, giving you $6,000 to use to purchase your asset. For single people, the Network Savings Plan will match up to $1,000 of your savings, giving you $3,000 to use to purchase your asset.
These are maximum amounts; you set your savings goal based on how much you think you can save.

 

How It Works

Once you become part of the Network Savings Plan, you will open a special savings account at PNC/National City Bank. You will have to make a deposit into this account every month. Matched funds are made available to you when you are ready to purchase your asset. You must save for at least three months before you can make a matched withdrawal.

 

Eligibility Requirements
To qualify, someone in your family must be employed, and your total household income must be below the income levels listed in the chart below:

 

Persons in family

Income guideline

1

$21,659

2

$29,139

3

$36,618

4

$44,098

5

$51,577

6

$59,057

For families with more than 6 persons, add $6,937 for each additional person.

 

Your assets must be less than $10,000, excluding your house, retirement accounts, and one vehicle.

 

Participation Requirements

You must save earned income from employment.
You must attend financial education classes.
You must complete education in your asset area:

  • Homebuyer Education-Home Ownership Program (provided by Housing Partnership, Inc.)
  • Post-Secondary Education-complete a career plan
  • Small Business-classes in starting a business and a written business plan

 

Further Benefits To The Plan

Regular financial coaching to help you achieve your goal.
Classes on how to make the American financial system work for you.
Help with financial problems if you need it.

 

How To Apply

Information/application sessions providing more information about the program are scheduled on a regular basis. You may complete an application and submit required documents following the information session or take an application and return it later.

To register for the next information session. call Mary Cleary at 452-6341, or send an email to mcleary@jfcslouisville.org. She will send you information about the next session and a list of items that you will need to bring with you to complete the application process.

 

SAVE MONEY

Above: Ronald Johnson had his home exterior worked on by Habitat for Humanity volunteers. Habitat builds and helps rehabilitate houses.

Imagine that a life long dream is within your reach. That's how families feel when they work with Habitat for Humanity.

  • Habitat for Humanity offers affordable options for homeownership that lead to greater economic security, even in this rocky economic climate.
  • Habitat builds quality homes with both professional and volunteer labor, then extends a no interest loan to make the purchase affordable. While they are not free, Habitat homes are affordable, with monthly payments of less than $500.
  • Habitat homeowners are diverse. They work at McDonald's, UPS, Norton Healthcare, Porter Paints, beauty salons, and nursing homes. They drive school buses, TARC buses, greet patients at health clinics, bag our groceries, and take care of and teach our children.
  • Homeowners work hard for their homes. They spend 400 hours of sweat equity in the classroom and on the construction site. While we're building houses with the families, the families are building lifelong relationships with neighbors, sponsors, and volunteers.

For more information, call the Habitat office at 502-637-6265. The application is also available online at http://louisvillehabitat.org/Portals/20/Pre-application2.pdf