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1/27/2004
Contact: K.E.
Schwab -- 724-738-2199; e-mail:
karl.schwab@sru.edu
Economic Benefits
for Butler, Beaver Counties --
SRU
PROFESSOR’S PROGRAM INTENDED TO BOOST COMMUNITY HOME
OWNERSHIP,
HOME IMPROVEMENTS
BY PROVIDING FAMILY SAVINGS ACCOUNT MATCHING
FUNDS
SLIPPERY ROCK, Pa. – A
plan that will boost community home ownership and aid in home
improvements drafted by Slippery Rock University government and
public affairs professorDr. Mark Daniels has received
the go ahead with a $219,000 grant from the Pennsylvania Department
of Community and Economic Development.
The approved plan, which could also provide
economic boosts for the region, calls for establishment of a
Family Savings Account Program in Butler and Beaver counties. The
program, which is now accepting applications, is administered
by the Housing Authority of Butler County.
To be eligible, a family can have a
combined income of up to 200 percent above the national poverty
income level.
As an example, Daniels, a member of the SRU
faculty since 1997, explains “A family of four earning up to
$36,800 a year could be eligible. Participating families will
establish a savings account at a local bank and agree to deposit up
to $20 each week for a year. At the end of the year, the housing
authority will match the savings balance up to $1,000 – and
the bank will pay appropriate interest on the
account.”
“The idea came about while I was
looking at the Pennsylvania Department of Community and Economic
Development’s Web site and saw the saving account program. I
realized the program tied to my 2001 book ‘Creating
Sustainable Community Programs’ and made the connection that
both Butler and Beaver county residents could benefit if a grant
was approved,” says Daniels.
Eligible families of all sizes and of all
ages, including the elderly, may participate, he says, noting
savers must attend four financial literacy classes during the year
and agree at the account’s onset what the savings will be
used for.
“A family can participate for up to
two years, thus the potential account balance at the end of the
second year could exceed $4,000, including deposits made by the
family, matching funds and accrued interest,” he explains.
“The savings can be used for a capital purchase agreed upon
in advance, such as a house down payment, a car, improvements to an
existing home or other major purchases. This is a sustainable
community program designed to strengthen communities in
Pennsylvania through home ownership, home improvement,
transportation for improved job opportunities or other family
support purchases.”
Steven Chopek, a 2002 SRU public
administration graduate, assisted with grant’s
preparation.
For more information about the Family
Savings Account Program, call the Housing Authority of Butler
County at 800-433-6327.
PN, WPN, PgN, PR,
S
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