Funding Futures

Most Americans working in low-wage jobs do not have access to the same investment opportunities as middle- and upper-middle class citizens. High down payments and strict credit requirements put homeownership and the resulting equity generated by this investment and the savings offered by the mortgage interest tax deduction out of the reach of low-income workers. College or vocational education that leads to higher wages and greater mobility in the workforce is priced out of reach of the working poor. Small business start-up is a traditional path to economic prosperity, but requires both capital and capacity for the owner to succeed.

Funding Futures is an asset development initiative that seeks to help more than 200 Boston-area low-income families establish Individual Development Accounts (IDAs). An IDA is an income-eligible savings account that can be used to purchase a home, invest in post-secondary education or start a business. Funding Futures will match a maximum of $2,000 of each account holder’s savings for earned income and will provide intensive financial, economic, and asset-specific education.

Funding Futures can help families bridge income and asset gaps and enter into the financial mainstream where they can begin to build better futures for their children.