Family Conservancy awarded $25,000 in Family Development Account tax credits

KANSAS CITY – February 13, 2009 – (RealEstateRama) — The Missouri Department of Economic Development (DED) today announced that a Kansas City nonprofit organization has been approved for $25,000 in tax credits under the Family Development Account (FDA) program.

Family Conservancy will utilize funds from this FDA project to encourage and facilitate the accumulation of assets by low to moderate income families in the Kansas City area by providing incentives to save money. These incentives include financial classes and matched family development accounts.

The Family Development Account program promotes self-sufficiency for low-income Missourians through a matched savings program. DED issues state tax credits to an eligible taxpayer who donates money to an organization approved to administer a Family Development Account (FDA) project.

Organizations approved to administer a Family Development Account project recruit low-income Missourians to participate in a matched savings program to help pay for:

• Education at an accredited institution of higher learning;

• Job training at an accredited or licensed training program;

• Purchase of a primary residence;

• Major repairs or improvements to a primary residence; or

• Start-up capitalization of a small business.

Contact: John Fougere (573) 522-5058