| Individual Development
Account
 IDAs
are matched savings accounts in which participants save for one
of the following assets: A first home, small business capitalization
or higher education. IDAs are the centerpiece of a new asset-building
strategy that creates hope and jobs and enterprises; builds families,
communities and economies; and develops assets and enduring escapes
from poverty. IDAs bring to low-income families the benefits of
savings, investments, and assets to which higher income segments
of our society have access.
Individual Development Account (IDA)
is a matched savings account program in which low-income individuals
and families accumulate funds that can be used for one of several
allowable assets. Each Dollar saved is matched with two more, up
to a total of $4,500. The Assets for Independence Program allows
Participants’ IDA’s to be used for a first home, start
a business, higher education, security deposit or automobile purchase.
Eligibility Requirements
Participants must be working (only earned income
is considered for IDA accounts)
An individual is eligible if:
- They are a member of a household that is eligible
for assistance under the State Temporary Assistance for Needy
Families Program (TANF) or
- They are a member of a household whose income
is within 200% of the Federal Poverty Income Guidelines (Federal
Funded Program Slots) or
- They are a member of a household whose income
is within 80% of the State Median Income Guidelines (State funded
Program Slots) or
- They are a member of a household whose Adjusted
Gross Income does not exceed the eligibility amount for receiving
the Earned Income Tax Credit for the size of their household
Application Process
- Individuals wishing to be considered for the
program can fill out an IDA Pre-Application Form. This is a short
form that indicates interest in the program and provides the contact
information for the IDA Case
- The Program Coordinator will schedule an interview
with the applicant. At the interview the Program Coordinator will
work with the applicant in filling out the Application Form. This
form will supply the information needed to determine financial
eligibility for the Program.
Program Director:
Robert Bohannon
30 Elizabeth Street,
Derby, CT 06418
Phone: 203-736-5420 ext. 1226
Email: rbohannon@teaminc.org |
