SaveUSA is an asset development program that offers eligible individuals with low incomes a 50 percent match if they deposit a portion of their tax refund into a "SaveUSA Account" and maintain the initial deposit for approximately one year. The model is based on the $aveNYC program, first piloted in 2008. The SaveUSA program is intended to replicate and test the effectiveness of a viable and scalable model for fostering saving and asset accumulation at tax time; to study the impact of short-term, non-goal directed saving on long-term saving and overall financial stability; and to encourage local, state and/or federal policy to create tax mechanisms to incentivize saving for low-income working adults.
SIF SaveUSA will be implemented in four cities by the following providers
- Food Bank for New York City (New York City, NY)
- NewarkNow (Newark, NJ)
- Community Action Project of Tulsa (Tulsa, OK)
- United Way of San Antonio & Bexar County (San Antonio, TX)
CEO and the Mayor's Fund would like to thank their partners and supporters, including Bloomberg Philanthropies, Open Society Foundations, The Rockefeller Foundation, the Annie E. Casey Foundation, the Ford Foundation, the Tulsa Community Foundation/George Kaiser Family Foundation, United Way of San Antonio & Bexar County and MDRC.
News and Updates:
May 2012: Office of Financial Empowerment Releases SaveUSA Program Implementation Brief (May 2012) (in PDF)
January 2012: Mayor Bloomberg Announces Year 1 Results for SaveUSA (January 2012)
January 2012: Community Action Project Lanches Year 2 of SaveUSA-Tulsa (January 2012)
SIF SaveUSA Procurement Documents
SIF SaveUSA Background Research (in PDF)