New savings program to help Valley low-income residents buy a home
A new matched savings account for residents of the Valley will be available through TEAM Inc. to help them purchase a productive asset like a first home, small business, car for employment, or post secondary education. Contributions will be matched by Team, thanks to a grant.
Called the IDA Program, it allows participants to deposit regular savings into a special savings account, called an Individual Development Account or IDA, to work toward a goal.
Program participants’ savings deposits will be matched (two to one) to make purchasing one of these assets a realistic goal for low-income families who are willing to save regularly for four to five years.
The IDA Program is part of an approach to combat poverty, focusing not just on meeting the most immediate needs of low-income families, but also on the long-term benefits of helping working poor families to acquire a modest but decisive stake in their communities.
The IDA Program is supported by a grant from the state Department of Labor. Naugatuck Valley Savings and Loan will be the depository for each participant’s IDA savings account.
In order to qualify, prospective IDA participants must meet certain income guidelines, have a regular source of earned income, and be residents of TEAM’s service area that includes Shelton, Ansonia, Derby and Seymour.
In addition, all program participants take part in a 12-hour personal finance and money management workshop series and attend monthly savings club meetings to prepare for asset ownership.
For information call 203-736-5420, ext. 209.