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1993 - Professor Michael Sherraden first introduced the concept
of IDAs in his book Assets and the Poor. He urged the
importance of putting a "level floor of assets under each family" in
America.
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1997 - The American Dream Demonstration Project (ADD) became the
first large-scale test of IDAs. ADD is a five-year project supported by
several national and local foundations; private organizations, companies and
individuals; and state, local and national governments. Preliminary results
from ADD can be found on the Center for Social Development's Website. (See
Resources)
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1998 - CTE, Inc., the Community Action Agency serving Stamford,
Greenwich and Darien, started the first IDA Program in Connecticut.
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1999 - Connecticut State Treasurer Denise Nappier formed a Task
Force on IDAs. Task Force members included IDA program practitioners and
representatives from financial institutions, foundations, government, and
community-based organizations. Also in 1999, the U.S. Government instituted
a five-year IDA Demonstration Project called the Assets for Independence (AFI)
Program. It is administered by the U.S. Department of Health and Human
Services, Office of Community Services. There are several Assets for
Independence Demonstration Programs operating in Connecticut.
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January 2000 - The Connecticut Office of the State Treasurer
published the Task Force on Individual Development Accounts Report &
Recommendations for expanding IDAs in Connecticut.
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May 2000 - The Connecticut General Assembly passed legislation
enacting a Connecticut Individual Development Account Initiative, and
approved the Governor's request for $400,000 in first-year funding for its
implementation.
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June 2002 - The Connecticut General Assembly approved an
additional $300,000 to implement the Connecticut IDA Initiative.
- April, 2003 - The Connecticut Department of
Labor launched the CT IDA Initiative, which includes IDA program
certification and funding.
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To Date
the Connecticut State Legislature has appropriated nearly $2,000,000 for the
IDA program. These funds support the Connecticut IDA Program and have
leveraged federal funds in excess of $900,000 for IDA programs in the state
as well as over $1,000,000 in contributions from financial institution
partners and other businesses, foundations, United Ways, and municipalities.
The Department of Labor oversees the Connecticut IDA Program and several
federally-funded Assets for Independence IDA Programs, providing the
opportunity for over 650 low- and
moderate-income families
in Connecticut to become asset owners.
During the 2006
Session, the State Legislature passed a bill establishing a
Connecticut Housing Trust Fund, and stipulated that each year
$300,000 of the Fund be used for housing IDAs. Connecticut Housing
Trust Fund IDA Programs are now operating in Hartford, Stamford and
Waterbury.
Published by the Connecticut Department of Labor, Project Management Office
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