Northeastern Community Development Corporation Announces New Individual Development Account (IDA) Program

 Matched Savings Accounts Available for First Time Home Purchases

Northeastern Community Development Corporation (NCDC) announced Monday that it has launched a new matched savings program, for low and moderate income residents.  The IDA program will allow participants to deposit $40 a month into a special savings account, an Individual Development Account or IDA, in order to work toward the purchase of a home.   Program participants’ savings deposits will be matched 2:1 in order to make purchasing one of these assets a realistic goal for low and moderate-income families who are willing to save regularly for 2 years.

NCDC’s IDA Program is part of a new and innovative approach to combating poverty that focuses not just on meeting the most immediate needs of low income families, but also on the long-term benefits of helping working poor families acquire a modest but decisive stake in their communities.  NCDC’s IDA program is supported by Camden County and Department of Commerce’s Division of Community Assistance and has developed strong partnerships with The Steps to Success Program and Wachovia Bank.  Wachovia Bank will also be the depository for each participant’s IDA savings account.

In order to qualify, prospective IDA participants must meet income guidelines (annual income of less than $31,200 for a family of three, for example), must have some regular source of earned income and must not have owned a home in three year or be a first time home buyer.  In addition, all program participants take part in a ten part personal finance and money management workshop series designed to help IDA find the money for regular savings deposits and prepare for asset ownership.