Programs & Services

Individual Development Accounts (IDA)

Individual Development Account (IDA) Program is a tool to help low income families build assets, solidify financial independence, and purchase a “qualifying asset.” Savings will be matched 2 to 1. Participants can save for the purchase of their first home, post-secondary education or training, or to start a small business. Clients have up to 3 years to save money and must attend a personal financial management workshop series and participate in asset-specific ownership preparation training.
Child care is not provided during participants’ meetings.

Resident of New London County; Must be working; Household receives assistance under TANF or household makes less than 200% of FPL or family’s adjusted gross income does not exceed the eligibility amount for receiving the Earned Income Tax Credit (EIC); The family’s net worth cannot exceed $10,000, excluding a primary dwelling and one vehicle.