Family Economic Security Program
The Family Economic Security Program (FESP) provides mentoring, education, support, and financial services to families who are seeking to move out of poverty. The program is a combination of individual mentoring and group support to help families identify and achieve life goals such as education, homeownership, and savings.
This program is provided under contract with the Department of Public Health and Human Services; Human and Community Services Division.
Participants select individualized Asset Tracks to promote financial independence. The three tracks include
Personal Asset Matched Savings Track
Participants with a specific asset goal in mind are eligible for a match savings program. If a participant is able to save consistently for 6 months, their total balance saved will be matched at a ratio of 3 to 1, which they can then spend on the purchase of a pre-approved asset. The maximum match amount is $1,650.
Homeownership Readiness Track
For participants who are not likely to be approved for a mortgage given their current circumstances. Under this track participants are provided tools to improve their loan readiness including 1) vocational training or certification to obtain higher wage employment, 2) Credit Builder IDA program to reduce debt, satisfy collections, and increase credit scores, and 3) employment and education barrier reduction assistance.
Education Assistance Track
Participants who have the skills and desire to complete a traditional post-secondary education or specialized training, for which they can apply for financial aid, will receive personal and financial assistance in reaching their educational goals.
FESP Enrollment Qualifications
• We have an open referral process, where anyone is welcome to refer a participant to the program, and an applicant may self-refer
• Families and individuals who are not currently receiving TANF benefits, but are “otherwise TANF eligible”
• Families who meet the household size and income guidelines
• Currently reside in Cascade or Lewis and Clark Counties, MT
• Are highly motivated to achieve financial independence
• Are able to reach their goals within program timelines
Requirements of the Program
• Completion of education/specialized training, IDA savings, or home purchase within program timelines
• Completion of 8 hours Dollars & Sense financial literacy course
• Establish and maintain savings and/or checking accounts with financial institution and access assistance if needed
• Receive individualized tax credit analysis, and access free tax preparation through Tax Help Montana program if eligible
• Participate in Prosperity Club and ongoing follow-up
Annual 2011 Household Guidelines
Family Size Annual Income Monthly Income Limit
2 $27,214 $2,267
3 $34,281 $2,856
4 $41,348 $3,445
5 $48,415 $4,034
6 $55,482 $4,623
7 $62,549 $5,212
8 $69,616 $5,801
*Additional person add $3820/yr or 318/mo
Email us for more information, rdi@ruraldynamics.org or call Karen Vanni at 406.454.5710.
