The Smart-Savings Program is a special matched-savings account program designed to help low-to-moderate-income families and individuals in Houston to establish a pattern of regular savings and, ultimately, purchase a "productive asset." A "productive asset" is something of value that is likely to return substantial long-term benefits to its owner - benefits like security, stability, and opportunities for more income.

Smart-Savings participants may use their savings and match money towards any of three productive assets: a home, a small business, or a post-secondary education. Participants' deposits are held at Compass Bank and Wells Fargo Bank and are matched using both private and public sources (The United Way of the Texas Gulf Coast, the McAuley Institute, the U.S. Department of Health and Human Services, and the City of Houston). Smart-Savings participants also receive financial-education classes and asset-specific counseling in conjunction with the savings match. Covenant's financial-education partner is the Houston's Credit Coalition.

Currently Covenant's Smart-Savings Program has enrolled 600 families that were referred by partner organizations.

To find out more about similar programs across the country, refer to the following links

IDA Network - www.idanetwork.org

Corporation for Enterprise Development - www.cfed.org