Mayor's program aims to spur savings

Mayor Michael Bloomberg announced Tuesday a plan to launch a savings account program to help low-income Bronx residents build a nest egg.Bloomberg announced the program,

THE BRONX - Mayor Michael Bloomberg announced Tuesday a plan to launch a savings account program to help low-income Bronx residents build a nest egg.

Bloomberg announced the program, $aveNYC, at CheckSpring Bank on East 167th Street. He said low-income residents in the city who open an account with part of their tax refund will receive a 50 percent match from private donors if they save the money for at least a year.

Families that earned less than $45,000 and individuals earning less than $20,000 are eligible to open a $aveNYC Account, according to a city press release.

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