About the Home Ownership Savings Program
“Due to some recent changes with the federal government this program is unavailable at this time. We hope to have this program back to you in March. This program may experience some changes upon return.”
Trilogy helps employees save for life goals such as continuing education or first time home ownership. Through our Education/Home Ownership Savings Program, every dollar an employee saves is matched by $4. Each employee can save a maximum of $1000 through payroll deduction and is matched with an additional $4000 for a total of $5000.
The federal government has set very specific financial eligibility guidelines for the Assets for independence program. To qualify, you must either be receiving cash assistance from your state through the federal TANF program OR meet one of the two low income guidelines below and have a household net worth of less than $10,000 (excluding your home and one car). Household, not individual, income is used to determine eligibility. “Household” refers to all individuals who share use of a dwelling unit as primary quarters for living and eating, separate from other individuals.
The federal government defines low and moderate income as households that have total incomes below 200% of the poverty level, or who qualify for the federal Earned Income Credit (EIC). If you have already filed your 2015 taxes and received the EIC (check line 64b on your form 1040 or line 38a on the 1040A form), you are automatically eligible for the program. If not, you can use the charts below to see whether you meet the income guidelines.
|200% of Poverty Level (2016)|
|If you have this many people in your household||And your gross income is equal to or less than this amount, you qualify.|
|For more than 6, add $8,320 per person.|
|EIC Eligibility 2016|
|If you have this number of qualifying children||And are single with a gross income below this amount, you qualify||And are married with a gross income below this amount, you qualify|