GRAND RAPIDS, Mich — The Grand Rapids Housing Commission (GRHC) started a program called "Aim to Save." The goal is to help families build savings.
The program is a Moving to Work program authorized by the U.S. Department of Housing and Urban Development. Aim to Save will start savings accounts for 40 families randomly selected from GRHC's Housing Choice Voucher program with children ages 13-18.
A new savings account will be opened, as well as for up to three of their dependents ages 13-18.
For the adults, GRHC will make $50 deposits into the savings account. It will match individual contributions on an annual basis up to $1,000 per year for two years. GRHC will continue to make deposits for two years or until the account reaches $5,000.
For teens, they will get $25 a month from GRHC, and matched on an annual basis of up to $500.
"It'll teach me how to teach my children how to save," said Lolita Brewer, one of the program's participants, "That's something that we have struggled with. We saved, but have not been very successful with it."
Brewer said this program will "lead us to a brighter future" for herself and her five children. She is currently looking for a larger home to rent for her family.
"It's been unsuccessful for me because of the rent costs, the cost of rent is very high," said Brewer, "So, I have to save. With this program, I believe I'm going to be successful."
The program's cost is $100,000 over two years. Mercantile Bank, Lake Michigan Credit Union, Huntington Bank, Fifth Third Bank and Horizons Bank are contributing banking partners pledging funds.
"We're really excited about this program," said Lindsey Reames, executive director of GRHC, "It gives us an opportunity to help our residents build savings, and deal with some of those day to day life circumstances that sometimes leave them with having to decide between paying rent, or fixing cars or, you know, buying medications."
Reames said they hope to expand the program year after year, looking at other populations in the City as well.
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