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Thursday, February 29, 2024

DC Opportunity Accounts

Mayor Bowser has relaunched DC Opportunity Accounts. This 4:1 matched savings program helps qualified District residents potentially save up to $7,500. Those funds can be used to help pay for a variety of expenses, including education, first-time home purchases, small business development and retirement. The DC Opportunity Accounts program is managed by the District of Columbia Department of Insurance, Securities and Banking (DISB) and is administered by Capital Area Asset Builders (CAAB). Qualified residents make regular deposits of up to $1,500 in a savings account for a maximum of 18 months. DISB matches the deposits 2:1, with private funders also matching the deposits 2:1. To qualify, applicants must be a District resident, have a maximum annual household income of $54,250, for households with one adult and $62,000 for two adults living in the same household, have earned income, and have less than $10,000 in net assets excluding a primary home and one vehicle. To apply, email DCopportunity@caab.org.

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