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Individual Development Accounts

Individual Development Accounts

Individual Development Accounts (IDAs) are savings accounts for people with modest incomes that provide public and private matching funds when families save. Eligible families receive extensive financial education and training so they can achieve identified goals such as buying a home or beginning a business.

This program began in 2000 following a statewide task force that included financial institutions, community organizers, and representatives from state and local government. The taskforce produced an in-depth report on how to help low-income families become economically self-sufficient. The report led to the 2000 law, a summary of which can be viewed here: Connecticut IDA Act.

The Connecticut Department of Labor operates the IDA program. It has a website with useful information for program operators, financial institutions, funders, policymakers, community agencies and everyone interested in Individual Development Accounts. It can be accessed here: http://www.ctdol.state.ct.us/ida/idahome.htm