The DC Opportunity Accounts is a unique 4:1 matched savings program that will help qualified low-to moderate-income District residents potentially save up to $7,500. These funds can be used to help pay for a variety of expenses, including post-secondary education, first-time home purchases, home repair, 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 administered by its contractor, Capital Area Asset Builders (CAAB) The Program has received support from the A. James & Alice B. Clark Foundation and Wells Fargo Bank and is currently funded by DISB and the American Rescue Plan Act (ARPA).
DC Opportunity Accounts works as follows: Qualified residents make regular monthly deposits of no less than $25 in an escrow savings account for a minimum of 6 months and maximum of 18 months. DISB matches the deposits 4:1. Participants who save $1,500 will get a match of $6,000, growing their contribution to $7,500. In addition, participants must participate in financial literacy and asset-specific training prior to receiving a match-savings withdrawal. For example, a person wanting to purchase their first home will be required to qualify for and participate in 1st time home buyer’s programs.
Eligible participants must meet the following requirements:
- You must be a current District of Columbia Resident
- You currently have a source of earned income
- You have less than $10,000 in net assets, not including your car or home. Other assets include money you have in a bank account, retirement savings, bonds, stocks, or valuable things you own. To estimate your net assets, add up your assets and then subtract any debts you have to credit card companies or other lenders. Do not subtract your mortgage or car loan.
- Your household’s annual gross income—your income before paying taxes—is at or below the limits based on your household size:
| Household Size | Maximum Household Income |
|---|---|
| 1 | $68,500.00 |
| 2 | $78,250.00 |
| 3 | $88,050.00 |
| 4 | $97,800.00 |
| 5 | $105,650.00 |
| 6 | $113,450.00 |
| 7 | $121,300.00 |
| 8 or more | $129,100.00 |
To date, 709 residents have opened accounts. Of these participants, 359 have received the total match amount of $7,500. In FY 2023, 124 residents received their $7,500 in matched savings. Listen to what several of our Opportunity Account Program participants have to say here: Opportunity Account Program Overview Video.
To apply for the DC Opportunity Accounts program, email [email protected]. To learn more, visit caab.org/en/programs/matched-savings-programs/dc-opportunity-accounts-program.