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Marriage Development AccountsWhat they areMarriage Development Accounts (or MDAs) are a new savings program to help married and engaged couples eliminate debt, increase their savings, and build wealth through long-term investment. Marriage Development Accounts are part of Together is Better: The Campaign to Strengthen DC Families, Marriages & Communities. The initiative promotes healthy families and marriages in DC’s low-income African-American communities, where child poverty rates have climbed above 50%, many families have zero or negative net worth, and fewer than 20% of children are living in households headed by two parents. The idea, introduced by Senator Sam Brownback (R-KS) and strongly supported by Del. Eleanor Holmes Norton (D-DC), is a response to a growing body of research on child well-being which indicates that children born and raised in households where their biological parents are married enjoy significant financial and emotional advantages. Who qualifiesTo qualify for a CAAB MDA, a couple's combined income (adjusted gross income) cannot exceed $50,000. Other eligibility criteria:
How they workCouples with combined earnings of $50,000 or less may be eligible to open a Marriage Development Account (or MDA) with CAAB and receive a 3:1 match on up to $3,000 of personal savings, for a total of $12,000 that can be invested in higher education, a small business, or purchase of a first home in DC. View CAAB's MDA Press Release, MDA Brochure, and information for prospective applicants. Adobe Reader is required to view these files. For more information about CAAB MDAs, e-mail mda@caab.org or call Matthew Peterson at 202-419-1440 ext. 102. | ||
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