Matched Savings
Matched Savings Accounts
Special matched savings accounts are designed to assist people with low to moderate income on the path toward asset ownership.
Read below to learn more about our various matched savings accounts:
- BIPOC Prosperity Fund of Tompkins County - Home Purchase
- BIPOC Prosperity Fund of Tompkins County - Start or Expand Your Business
- Homebuyer Dream Program
Workshops for Prospective Homeowners:
AFCU offers a series of 1-hour workshops called “Home for Lunch." During these online lunchtime chats, our Housing Counseling Program Manager, Kim Ritter, goes over the basics of mortgage approvals – income and debt, credit, savings, and mortgage products. We invite anyone interested in working towards a goal of homeownership to attend.
Workshops are free and open to all.
Home for Lunch 2022 dates and times are TBA.
To be the first to know when new sessions open up, email Kim Ritter, Housing Counseling Program Manager, at: [email protected]
BIPOC Prosperity Fund of Tompkins County - Home Purchase
Spots are full at this time, please send an email to [email protected] if you would like to be added to a waiting list for future funding.
Are you a member of the BIPOC (Black, Indigenous, People of Color) community who wants to buy your first home in Tompkins County?
This is a down-payment assistance program offered to help low to moderate income first-time homebuyers in the BIPOC community purchase a home in Tompkins County.
Participants can save up to $2,500 to be matched with $20,000 for a total of $22,500 to go towards the downpayment on your new home! More details are below.
|
Qualities |
BIPoC Prosperity Fund – Home Purchase |
|
Asset goal |
First home purchase |
|
Minimum savings contribution |
$2,500 |
|
Maximum amount of assistance |
$20,000 |
|
Total amount for home purchase |
$22,500 |
|
Income eligibility limits per household (hh)
(Income limits subject to change) |
Minimum income: $30,000 Maximum income: 1-2 person hh: $68,480* 3 or more: $78,752*
(Income limits subject to change) |
|
Education requirements
|
INHS Homebuyers course within 2 years prior to home purchase |
|
Home Purchase Location |
Home must be purchased in Tompkins County |
|
Mortgage Lender requirements |
Do not need to get a mortgage with Alternatives in order to receive assistance |
|
Time Limit |
Deadline for home purchase is one year from enrollment |
|
Other |
Please contact AFCU's Housing Counseling Manager for more enrollment details |
Spots are full at this time, please send an email to [email protected] if you would like to be added to a waiting list for future funding.
Participants will be selected from a pool of eligible candidates. We anticipate high interest of eligible candidates, with limited spots available. However, our commitment to working with you remains strong! We want to work with all households to achieve their dreams of homeownership, and will do our best to assist and accommodate through our counseling program, as well as other sources of funding.
BIPOC Prosperity Fund of Tompkins County - Start or Expand Your Business
Spots are full at this time, please send an email to [email protected] if you would like to be added to a waiting list for future funding.
Are you a member of the BIPOC (Black, Indigenous, People of Color) community who owns or is interested in starting a business in Tompkins County?
We help you save, and then match your savings up to 2x – meaning, you’ll have even more money for your business to prosper. Plus, our Business Development Team will be there with you every step of the way, to answer your questions and help you meet your business goals.
Participants can save up to $2,000 to be matched with $4,000 for a total of $6,000 to go towards the start-up or expansion of their business.
|
Qualities |
BIPoC Prosperity Fund – Business |
|
Asset goal |
Start or expand your business |
|
Participant Savings contribution (Over 6-18 months) |
$250- $2,000* *See chart below |
|
Amount of match assistance |
$250 - $4,000* *See chart below |
|
Income eligibility limits per household (hh)
(Income limits subject to change) |
Maximum income: 1-2 person hh: $68,480* 3 or more:$78,752
(Income limits subject to change) |
|
Meeting requirements
|
- Monthly meetings with a Business CENTS advisor during the savings period - Minimum of 2 one on one consultations with a Business CENTS advisor after receiving the funds - Funds will not be disbursed until the first post savings consultation is scheduled |
|
Spending Requirements |
Provide proof of use of funds within 60 days of receiving (receipts, cancelled checks, etc) |
|
Business Location |
Business must be located in Tompkins County |
|
Spending Period |
Spend down timeframe is 6-12 months, dependent on participant’s savings selection. See chart below. |
Savings Period Chart:
| You Save | Match Ratio | Match Amount | Savings Period | Spending Period | Savings Per Month |
| $250 | 1:1 | $250 | 6 months | 6 months | $42 |
| $500 | 1:1 | $500 | 12 months | 6 months | $42 |
| $1,000 | 2:1 | $2,000 | 12-18 months | 12 months |
$56-84 |
| $2,000 | 2:1 | $4,000 | 12-18 months | 12 months | $112-167 |
If you are a BIPOC business owner and you are interested in this program, please schedule a consultation with our Business CENTS team to enroll. Spots are full at this time, please send an email to [email protected] if you would like to be added to a waiting list for future funding.
Homebuyer Dream Program
The Homebuyer Dream Program is a matched savings program offered to assist low to moderate income first time home buyers in Tompkins, Cortland, Tioga, Chemung, Schuyler, Seneca, Steuben, and Cayuga Counties. This program is sponsored and funded by the Federal Home Loan Bank of New York.
Participants can save up to $1,000 to be matched with $9,500 for a total of $10,500 to go towards the asset goal of homeownership.
Eligible households will work with Alternatives’ staff to prepare for homeownership through a series of counseling sessions. When the household has accomplished all the necessary tasks to prepare for home ownership, they may meet with our mortgage department to obtain pre-qualification in order to start looking for homes.
| Qualities | Homebuyer Dream Program |
|
Income eligibility limits per household (income limits subject to change) |
1-2 person: $71,680* *For Tompkins County |
| Employment | Must be full time (32+ hours/week) or equivalent |
| Education requirements | Money Wise and INHS Homebuyers Course within 18 months prior to home purchase |
| Other | Have signed sales purchase contract, dated prior to funding reservation request |
| Pre-qualification | Must get a mortgage with Alternatives in order to receive matching funds |
| Closing requirements | Must sign a 5-year subordinate mortgage for the total amount of the assistance received |
We work with you to determine which route to home ownership is best for your situation. One size does not fit all, and we make sure you are well informed as you move along the road to a new home. Learn more about our home mortgage loans.
Please note that it is not until the household has an offer accepted on a home that the reservation requests for funding will be submitted to the funders. Only after the reservation request is confirmed by the funders is the household officially enrolled in the program.
Funds are available on a first-come, first-served basis. Meeting with Alternatives’ staff or mortgage department does not guarantee availability of assistance. Once the funders have confirmed the reservation request, the household will then have a total of 120 days to close on the home.
Funding opens on March 21st, 2022. Limited spots are available for the year. Spots are reserved on a first come, first served basis.
For more information, see Alternatives' staff, or click the "Request info" button above.
