IDA Program?

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My Story

A couple of years prior to purchasing my first home I learned about the IDA program. I personally did not know of anyone who completed the program and actually received the promised funds... I immediately registered for the next set of classes (I can’t remember how many classes I had to attend in order to start the process of opening an account). At some point in the program we setup a savings for me) I had to make monthly deposits into the account and I believe the account had to be open for a certain amount of time prior to me being matched. I absolutely love this program. I had no problem receiving the funds (example save $1,500 get matched $3,000.).  

This is a program I share to pretty much share with everyone that I know. Even if they do not qualify about the program, it doesn’t hurt to share with someone who might.

About 

Individual Development Accounts (IDAs) are restricted savings accounts for individuals of limited financial means and for specific restricted purposes such as continuing education, purchasing a home or starting a business. IDA programs give participants formal and informal opportunities to learn how to manage and budget money, improve their earning capability, and invest in themselves and their communities.  IDA programs are managed by community organizations and accounts are held at local financial institutions. Private and public funds are used to match the contributions of low-income people as an incentive to participate. Matches are usually made at a 2:1 to 4:1 ratio.

ELIGIBILITY

Eligibility requirements vary but, for most of the community organizations that administer IDA programs in Connecticut, eligibility requirements include:

• Residency in given towns or counties;
• Employed;
• Income restrictions - 200% FPL or receiving assistance under TANF or eligible for the Federal Earned Income Tax Credit;
• Family net worth less than $10,000.

HOW IDAs WORK

Participants are usually asked to:

• Make monthly savings deposits;
• Contribute to a savings program for a maximum of four years;
• Attend a personal financial management workshop series; and
• Participate in asset-specific ownership preparation training.

information from  here