Marriage Development Accounts

What they are

Marriage 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 qualifies

To be eligible for the MDA program, you must:

1. Live in Washington, DC.

2. Have a job (Full-time or part-time. Self-employment or receiving a stipend also count.)

3. Your total household income (AGI) cannot exceed $50,000.

4. Your total net assets must be less than $10,000. (Total assets means the value of assets owned by all household members, excluding the value of the primary residence and one vehicle, minus the obligations or debts of all household members.)

If you are single, please view the requirements for the IDA program.

How they work

Couples 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.

Engaged couples are eligible to open an MDA but must be married by the time they plan to use their savings and matching funds.

View CAAB's MDA Press Release, MDA Brochure, and information for prospective applicants. Adobe Reader is required to view these files. 

If you are interested in the MDA program and meet the program eligibility requirements, you must first attend an Orientation session at CAAB. Orientation classes are free of charge.

Please contact our office to find out when the next Orientation will be held. You MUST register in advance.

To register call 202-419-1440 or email ida@caab.org with your name, address, phone number, where you heard about CAAB, and what asset you would like to use the MDA towards. Orientation sessions are held at 1801 K St NW, Suite M100 (metro stops Farragut North and Farragut West). Please arrive 15 minutes early; the Orientation will start promptly and the doors will be locked.

Additionally, at the same time you register for the Orientation you must also sign up for the next Money Management 101 class.

If you have any questions, please contact Savings Program Associate Miriam Savad at msavad@caab.org or 202-419-1440 x 102.