Individual Development Accounts

Services

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 $6,000. The Assets for Independence Program allows Participants’ IDAs to be used for the following: a first home; start a business, or higher education.

Eligibility Requirements

Participants must be working (because they can only put earned income into their IDAs.)

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 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 Manager to schedule an interview with the applicant.
At the interview the Case Manager 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, and will also provide data needed for reporting and evaluation.

Service Hours and Locations

All interested participants should contact Program Manager at (860) 560-HOME (4663).