PHILADELPHIA (PRNewswire-USNewswire) – United Way of Southeastern Pennsylvania has received a $500,000 grant from the federal Administration for Children and Families to supports its C.A.S.H. (Creating Assets, Savings and Hope) Initiative. The money, which will be matched with another $500,000 from United Way, will be used to help low-income residents save for college or a training program, a home or to start a small business.
Through the C.A.S.H. Initiative, United Way will provide a match to the savings of an individual or family of up to 4 to 1, depending on the savings goal. Over 300 individuals and families will participate in the program. Those saving up to $500 to attend a program that awards an associate degree or a trade school credential will receive an additional $2,000 towards the cost of the program from United Way; those entering a bachelor’s degree or more expensive trade school program who save $1,000 will receive a $3,000 match from United Way; and those who are buying a home or starting a small business who save $2,000 will receive a $4,000 match from United Way. Federal regulations limit access to the program to low-income individuals and families.
Last fall, Ira Lubert, a leading real estate businessman, donated $250,000 to the C.A.S.H. Initiative for the Ira Lubert Scholarship Challenge, which helps help young people overcome financial challenges to attending college or other postsecondary education, while learning critical skills in saving, budgeting, and money management. To date, 140 individuals have signed up with the goal of saving $500, to which United Way will add an additional $3,000 when they meet their savings goals. The funds can be used for books, transportation and living expenses as well as tuition and fees.