Central Texas Opportunities, Inc., a local non-profit organization, has received funding to help residents of Brownwood and Coleman achieve the dream of home ownership, college education, or small business ownership. These funds come as a result of the American Recovery & Reinvestment Act of 2009.
To help local families maximize this opportunity, the agency has created the Central Texas Financial Empowerment Program, which will offer Individual Development Accounts (IDA) and no-fee tax preparation services.
IDAs will provide matched savings for families participating in the program. Every $1 saved by a participant will be matched with $4 up to $500. A maximum savings of $500 will result in a $2,000 match to be used toward college expenses, down payment on a home, or small business ownership. The no-fee tax preparation service will also be offered during the filing season for qualifying families who want to claim the Earned Income Tax Credit and avoid paying increasingly high tax preparation fees. All refunds will be electronically filed and can be deposited directly into a bank account within 7-10 business days.
Anyone interested in opening an IDA should visit Central Texas Opportunities at 1500 Dublin St. in Brownwood or720 W. 10th St. in Coleman. Interested persons may also call 325-641-9180 for additional information.
