The Matched Savings bill filed by Senator Jamie Eldridge and Representative Carmine Gentile (SB.628 and HB. 1023) will allow participants to build wealth and financial security through a 4:1 matched savings account up to $20,000. At the end of the program, participants can use the money saved for wealth building activities like a down payment, starting a business, pursuing higher education or a trade school. Participants in a matched savings program will also be given financial coaching to help them build wealth and financial security long after they graduate from the program.

United Way is a key partner in the Early Childhood Agenda, headed by Strategies of Children, our policy agenda reflects a commitment to furthering a suite of bills that work to address the major pain points within Massachusetts for both children and childcare providers. Investments in early education would give all children an equal foundation to succeed in life, address historical inequities by providing childcare for families who are low-income or from marginalized communities, and provide educators with equitable wages.

The Community Investment Tax Credit (CITC) has fueled resident-led community development that drives inclusive opportunity across the Commonwealth since 2014. Since the program’s launch, CITC has helped Massachusetts community development organizations raise more than $100 million. This legislation (HB. 2876 and SB. 1789) will eliminate the program’s 2025 sunset and expand the statewide cap on donations from $12 million to $15 million, so that in partnership with the Commonwealth, the community development field can continue to flourish and meet the ongoing needs of community residents.