MAINE Family Development Account (FDA) 2009 Eligibility

Must fall within the income guidelines—see chart below

• Deposits must be made with earnings from employment or self-employment

Family Development Account (FDA) Income Guidelines, Effective January 23, 2009

The following dollar amounts are based on the HHS Poverty Guidelines published in the Federal Register. The amounts will be changed whenever the Federal Poverty Level is adjusted.

Family Size	Monthly Income	Annual Income
1	$1,805	$21,660
2	$2,428	$29,140
3	$3,052	$36,620
4	$3,675	$44,100
5	$4,298	$51,580
6	$4,922	$59,060
7	$5,545	$66,540
8	$6,168	$74,020
Add For Each Additional Person	$   623	$  7,480

Note: Round down to the nearest whole dollar before comparing income to these guidelines. This chart shows 200% of the Federal Poverty Level.

For use in determining income eligibility for the Family Development Account program.

Household Net Worth of less than $10,000. - Net worth is the sum of household assets (what you own) minus sum of household debts (what you owe)—-primary home and vehicle not included in calculation for FDA.

If you have debt, you must be making payments - You may be asked to order a credit report

Saving for one of three asset goals

• First-time home ownership
• Education
• Small business start-up or expansion

Able to save consistently over time

Participate in asset specific training -   for example: a first-time homebuyers class or a self-employment training

Participate in personal money management class -   for example: Financing Your Future

Program administered by the Maine FDA Coalition.  For more information please call 1-800-442-2092.