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Connecticut Individual Development

Account Initiative (IDA)
 
Last Updated: December 01, 2009
 

 

 


 

 

 


 
 

Mission, Goals, and Objectives

Following are the Mission, Goals and Objectives of the Connecticut Individual Development Account Initiative:

Mission

The Connecticut IDA Initiative intends to strengthen families and communities by facilitating self-sufficiency and economic stability through financial education and asset development. 

Goals

  1. To invest in communities by providing opportunities for community-based organizations to offer financial education and matched savings accounts as asset development tools for low-income and moderate-income families.

  2. To invest in low-income and moderate-income families by providing grants for community-based organizations to prepare and assist families to purchase and maintain assets through five qualified purchases: Education or job training, Home ownership, Small business capitalization, Lease deposits on primary residences, and vehicle purchases for obtaining or maintaining employment.

Objectives

  1. To provide Individual Development Account opportunities for the purposes of:
     
    1. Increasing home ownership opportunities for low-income and moderate-income families.
       
    2. Increasing access to post-secondary education and career training for low-income and moderate-income families.
       
    3. Developing micro-enterprise ownership opportunities for families.
       
    4. Improving access to rental opportunities for low-income families.
       
    5. Supporting employment transportation for low-income and moderate-income families.
       
  2. To facilitate financial education opportunities that will provide participants with the knowledge necessary to build their assets and use these assets in the most effective way.
     
  3. To develop life-long savings habits among participant families.
     
  4. To encourage decision-making and long-range planning among participant families.
     
  5. To familiarize IDA participants with financial institutions and increase their comfort level in doing business with those institutions.

Published by the Connecticut Department of Labor, Project Management Office
Last Updated: December 01, 2009