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PA Agency and Bank Partner on Home Heating Savings Account

June 23, 2011 -- Central Pennsylvania Community Action (CPCA) and Clearfield Bank and Trust Company are partnering to offer low-income residents the Home Heating Savings Account Program for a second year.

Last year, CPCA introduced the Home Heating Savings Account Program (HHSA), open to households earning under 200 percent of federal poverty guidelines (up to $44,700 for a family of four). HHSA is a dollar-for-dollar match of the saver’s account that will be used to pay heating expenses. The program is designed not only to assist with heating payments, but also to strengthen the family’s savings habits along with educating them on utility reduction.

In order to receive the matching funds, savers must open an account at Clearfield Bank and Trust Company or an approved financial institution, and maintain a regular savings budget of at least $50 per month for four months. During the program time an additional $50 may be deposited to give the saver a match of up to $250.

Participants must attend two financial workshops on “Budgeting” and “Utility Reduction.” Each class will be offered twice during the duration of the program. Upon completion of the program, funds will be sent directly to the participant’s home heating supplier. Both fuel oil and natural gas suppliers are accepted.

The initial time-frame for this year’s program will be July through November. If there are spaces unfilled in the program or if participants are unsuccessful in the program, another cycle will be held beginning in early 2012.

The program is made available through a grant from Clearfield Bank and Trust Company. CPCA serves Centre and Clearfield counties. For more information, see its website.

Source: gantdaily.com