Individual Development Accounts

Services

An IDA is a matched savings account. This means that if you can save a certain amount of money within a certain amount of time, the IDA Program will match it at a certain rate. CRT IDA programs allow you to save up to $1500 with a match rate of 1:2, which means that you will receive up to $3000 if you save the full amount.

Eligibility Requirements

Participants must be working (because they can only put earned income into their IDAs.)

An individual is eligible if:
- They are a member of a household that is eligible for assistance under the State Temporary Assistance for Needy Families Program (TANF) or
- They are a member of a household whose income is within 200% of the Federal Poverty Income Guidelines or
- They are a member of a household whose Adjusted Gross Income does not exceed the eligibility amount for receiving the Earned Income Tax Credit for the size of their household.

Application Process

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 to schedule an interview with the applicant.
At the interview the Case Manager will work with the applicant in filling out the Application Form. This form will supply the information needed to determine financial eligibility for the Program, and will also provide data needed for reporting and evaluation.

Service Hours and Locations

All interested participants should contact Program Manager at (860) 560-4210.