Matched Savings Administration
For low- to middle-income individuals transitioning into stable employment and housing, we offer asset matches for purchases which rewards personal goals and maintaining modest savings, leading to investment in assets that enhance income and stability.
The Midas Collaborative designs and administers matched-savings accounts, also known as Individual Development Accounts (IDAs)
Combines incentives, support, and access to help people build assets and invest in their housing, education or business goals. Multiple matched savings programs are operating in partnership with member organizations across Massachusetts. Program participants make monthly deposits into a dedicated savings account for a set program period; some programs operate for as little as nine weeks, while others run over multiple years. Their savings are matched at a 1:1 up to 4:1 ratio so they can purchase a life-changing asset. Assets purchased include first homes, higher education, small businesses, and more.
Below you will find our partners providing Match Savings Opportunities. Please, reach out to our partners or us if you have questions about the Match Savings Program or wish to get involved with any of the programs.
Meet Our Community Partner Organizations
-
Breaktime
Founders: Connor Schoen and Tony Shu
Breaktime combats long-term chronic homelessness and supports young adults in becoming changemakers in their communities.
-
CHA
Cambridge Housing Authority's Workforce Matched College Savings Program: For 10th - 12th-grade students to save up to $1,500 in deposit-only accounts over three years through Workforce jobs, summer work positions, and a menu of monetized incentives that cover program performance. CHA provides a 1:1 match for up to $3,000 to be used for post-secondary education expenses upon matriculation.
-
MAHA
Massachusetts Affordable Housing Alliance's (MAHA) STASH: First-Gen Home Program is a matched savings program for first-generation first-time homebuyers in Massachusetts. Participants attend classes around topics related to the homebuying process while saving $2,000 over the course of the program. After graduation, once participants buy their home, they receive a 10: 1 matching grant to use towards associated buying costs.
-
QVCDC
The Quaboag Valley Community Development Corporation (QVCDC) is offering a 12-month matched savings program for low-moderate income residents of the Quaboag Region and Southern Worcester County. The program is called the Harrison and Diane Quirk Financial Fitness Club.
-
Mass MoCA
MASS MoCA’s Assets for Artists is a program by artists for artists, providing professional development workshops, coaching, $1,000 - $3,000 unrestricted working capital grants, community building, artist residencies, and more.
-
ECS
Episcopal Community Services MindSet program uses a long-term approach that supports the whole person. MindSet participants will receive cash incentives for finishing activities and a 2-to-1 cash match on the money they save within a designated bank account.