New Immigrant Savings Program
The WORC program teaches refugees to become self-sufficient through saving and asset accumulation. Over a period of 6 to 24 months, participants will save a minimum of $40 per month which will be matched at a %100 rate up to $2,000 per individual/household for first time home purchase, post secondary education, micro-enterprise, or car purchase. To facilitate asset accumulation, individuals will participate in asset specific training including homeownership and micro-enterprise training by WORC and its partner agencies. Participants will attend an individual or group orientation, complete a budget and an individual savings plan agreement. They will complete four sessions of financial management training including budgeting, debt and credit building, banking products, and basic financial planning, and they will receive ongoing case management services. The program will address potential barriers for refugees including lack of credit, mistrust in financial institutions, and other financial difficulties particular to new Americans.
Where the Idea Came From
The underlying premise of the New Americans FSA program is that low-income individuals can save and accumulate enough assets to break out of the cycles of dependency and integrate into the American economic society.
Although saving $10 per week may seem high, experience has shown that motivated low-income individuals can, and do, achieve this goal by developing new spending priorities and/or finding temporary part-time work to bolster their monthly income.
What is the Family Savings Account Program?
It is a savings and match program to assist low-income New Americans achieve self-sufficiency. Funds can be used to purchase a home, fix an existing home, fund a business or pay for higher education for the participant or the participant's children.
By saving at least $10 a week (or $40 dollars monthly) for 12 to 18 months, the account will be matched dollar for dollar, up to a $2,000 maximum match over two years.
While in the program, participants will develop financial strategies through financial management classes and asset specific classes.
The funds can be used to purchase or fix a home, finance a small business, vocational training or recertification, purchase of a computer or automobile. Successful account holders can accumulate enough assets to finance an $80,000 home; fully fund one year's tuition at a Pennsylvania community college without supplemental grants or loans; or to provide equity in a business to obtain a micro loan.
Who is Eligible?
Any person who is a legal refugee or has asylum status and is a Pennsylvania resident is eligible for the New Americans FSA program. Refugees and people with asylum must have a household net worth less than $10,000 (excluding your primary residence and one car) and whose household income meets the following guidelines:
Size of Family |
Income Limit |
1 |
$23,760 |
2 |
$32,040 |
3 |
$40,320 |
4 |
$48,600 |
5 |
$56,880 |
6 |
$65,160 |
7 |
$73,460 |
8 |
$81,780 |
|---|
*For family units with more than eight (8) members, add $8,320.00 for each additional member.
Note: There is a $50 non-refundable enrollment fee to participate in the program and a $50 non-refundable closing fee upon graduation.
Defined Saving Goals
Each account holder in the Family Savings Account for New Americans will be required to save towards one of the following personal goals: home purchase or home repair, financing a small business, vocational training or recertification, purchasing an automobile or computer.
Asset Accumulation
Participants must save at least $10 per week (or $40 monthly) for at least 6 to 24 months. Although saving $10 per week may seem high, experience has shown that motivated low-income new Americans can and do achieve this goal by developing new spending priorities and/or finding temporary part-time work to bolster their monthly income.
Financial Education
While in the program, participants will develop financial strategies through financial management classes and asset specific training. All participants will take at least four courses that provide a basic understanding of personal financial strategies: personal budgeting, credit banking products and options, access to loan products, education, home ownership, business, investment options, retirement planning and taxes.
To train FSA participants about financial management WORC utilizes an extensive network of business professionals who teach in traditional classroom settings.
When Can You Learn More About This?
Come to one of our regularly scheduled orientations. If you qualify, call immediately to sign up for this great opportunity. Space is limited so please hurry! Please call WORC at 215-564-5500.
To get started please call our receptionist to reserve a place at our next program orientation.
