Individual Development Accounts

Dollars to Dreams

Individual Development Accounts (IDA).Your path to economic freedom.

How It Works

Attend an IDA Orientation.

Sign a savings plan agreement.

Open your IDA personal saving account.

Deposit at least $10 per month.

Attend financial literacy classes.

Receive match dollars.

Use your savings, plus the match money to go to school, start a business, purchase a home or a vehicle, or to rent your first apartment.

Services

NORWESCAP Individual Development Account Program – turns your dreams into reality!

Vehicle Purchase

Use your IDA account to purchase a vehicle which will lead to increased

opportunities for self sufficiency.

Education or Training

Your IDA can be used for education for you or your children.  This includes vocational training, college or training to get a professional license.

Start a business

You can use your IDA to cover the cost of starting a small business.

Buying a home

Your IDA can be used for the down payment and closing costs on a home.

Help a youngster

The youth IDA can be used for an activity or item that is educational, artistic or athletic or it can be used for a car.

Eligibility

• Must be income eligible

• Must complete and submit an application

• Must attend a series of financial workshops

Information

NORWESCAP IDA PROGRAM

Dollars to Dreams

908-454-7000 ext. 116

The NORWESCAP IDA Program is available to income eligible residents

of Warren, Sussex, Hunterdon, Passaic, Somerset and Morris Counties.