An Individual Development Account (IDA) is a 2-to-1 matching savings account in which low-income individuals and families accumulate funds that can be used for one of the following allowable assets:
- A first home (or lease deposit on an apartment)
- Small business capitalization
- Higher education for yourself or a minor child
- A vehicle for employment purposes.
An individual is eligible if their household is below 80% of the area median income for the town in which they reside.
- 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.
- The IDA Case Manager will schedule an interview with the applicant. At the interview, the Case Manager will work with the applicant in filling out the IDA Application Form, which will supply the information needed to determine financial eligibility for the Program.
- In order to be eligible for the program, participants must complete 6 weeks (2 hours/week) financial literacy training, and then monthly workshops thereafter.
(203) 736-5420 ext. 251