Diana Kesser of Lakeview is saving on a dream; one deposit at a time, in fact.
Thanks to the Klamath Lake Community Action Services ‘Dream Savers’ program, Kesser is able to set aside funds for a major home improvement project, with each deposit matched three fold through the program, she said.
Kesser noted that her home is in need of a new foundation, and the Dream Savers program is just what the doctor ordered in making it possible.
Kesser said she’d learned of the program through KLCAS Housing, Counseling and Education Mgr. Michelle Scott. They initially discussed a USDA program that offers grants for home, health and safety-related improvement projects for eligible applicants.
The needed foundation work didn’t qualify under the SBA 504 stimulus-funded program, Kesser said, but Scott informed her of the opportunity, which the general public often shirks off as too good to be true.
Kesser’s monthly payments of $28 are tripled through the program, bringing her monthly deposit up to $84. Through the program, participants are able to save money to buy a home, repair or modify their existing home, build assets, or pursue higher education.
Participants have a set time line to make up the amount needed for their goal. As a participant, Kesser is required to attend a class on home maintenance skills. Though initially skeptical on the program’s benefits, she said that she is very excited at the prospects of being able to afford the needed work on her and her husband’s home.
“It’s almost like putting money in the bank…,” she said. “They’re helping you out and you’re learning how to save. ”
Kesser’s goal is to have the needed funds accrued by the summer of 2015.
The Dream Savers program can help participants save money for a first home purchase, such as a down payment or closing costs, as well as covering the varied costs for higher education or job-training expenses.
Home repair and modifications eligible for the program include work improving health and safety elements of a home, accessibility and safe entry.
Eligibility factors include 16 years of age or older, an Oregon resident, capable of establishing a savings account and willing to save for a minimum of six months up to 36 months with monthly deposits toward one’s goals.
Income eligibility ranges from $34,000 annually for a household of one up to $79,260 for a household of eight. The maximum amount that a participant may receive in match funds is $6,000.
For more information, contact Michelle Scott at 541-882-3500, ext. 819, or via e-mail at firstname.lastname@example.org.