New savings program to help low income residents buy a home
A new matched savings account for residents of the Valley will be available through team 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, Inc., 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 (2:1) 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.
It's setting longterm goals
The IDA Program is part of an approach to combating poverty, focusing not just on meeting the most immediate needs of low income families, but also on the longterm benefits of helping working poor families to acquire a modest but decisive stake in their communities.
“We at Team are pleased to be able to increase the funds available in the region to assist residents to accomplish this vital financial saving and education process,” said Richard Knoll, president and CEO.
Program supported by a grant
The IDA Program is in Connecticut, under the auspices of the Department of Labor. This program is supported by a grant from the 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 qualified income guidelines, must have a regular source of earned income and must be residents of Team’s service area which 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 more information call 203-736-5420, ext. 209.