Would you like to buy a home, go back to school or start a business?

At Community Teamwork Inc. we have operated an Individual Development Account program (IDA) for approximately 4 years. An IDA is a savings match program designed to help low-income people purchase an asset: a home, a business or secondary education. Studies show that one window out of poverty is through the purchase of an asset and since helping people to reach self-sufficiency is part of Community Teamwork Inc.’s mission, it only makes sense that we would offer an IDA program.

So how does the IDA program work?

You save money and we match that money 3/1 with State, Federal and private funding. There is a cap to how much CTI will match:

For homeownership- you save $2000.00 which is matched 3/1 yielding $8000.00 to be used for down payment assistance and closing costs

For business start up costs and tuition for secondary education- you save $1200.00 which is matched 3/1 yielding a total of $4800.00.

So, really the IDA program is a double-whammy winner; It provides funding to help someone reach self-sufficiency, gets them out of subsidized housing AND that person gets to own their own home!

At Community Teamwork Inc. we currently have 38 participants in the IDA program. We have had 9 people purchase a home and 3 people go back to school…wow!

Of the remaining 38 in the program, most have saved their money and are in the process of looking for their home, some are working hard at saving and others are waiting to head back to school. If you would like more information about qualifying for this amazing program, give us a call at 978-654-5673.