How IDA’s Work
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.
Additional information on the Individual Development Account (IDA) program is detailed by visiting the IDA program page accessible here: http://www.norwescap.org/programdetails.asp?ID=10.
The ARRA Stimulus money is funding the expansion of this program by providing match dollars specifically for the purchase of a vehicle.
Vehicle Purchase
Use your IDA account to purchase a vehicle which will lead to increased
opportunities for self sufficiency.
- Must be a legal citizen of the United States
- Must complete and submit an application
- Must attend a series of financial workshops
Eligibility
- Must be income eligible-income eligibility for the ARRA IDA program can be up to 200% federal poverty guidelines
|
Family |
200% |
|
Size |
|
|
1 |
21,660 |
|
2 |
29,140 |
|
3 |
36,620 |
|
4 |
44,100 |
|
5 |
51,580 |
|
6 |
58,700 |
- Must reside in Morris or Warren County
- Must be a legal citizen of the United States
Contact Information IDA Program
NORWESCAP IDA PROGRAM
Dollars to Dreams
908-454-7000 ext. 116
info@norwescap.org
The NORWESCAP IDA ARRA Program is available to income eligible residents of Warren, Sussex, Hunterdon, Passaic, Somerset and Morris Counties.
Financial Literacy and Savings Match Program
The ARRA Financial Literacy and Savings Match Program is a savings match program to promote and encourage strong financial practices. The program helps participants to build their savings, reduce debt and manage household finances. The program provides match incentives based on individual goals and benchmarks and each household can receive up to $1,000 in match dollars.
Financial Literacy Classes
Each person enrolled in the Financial Literacy and Savings Match Program must attend three workshops that focus on building a financial action plan, learning budgeting and savings, and understanding credit and debt management.
Eligibility
- Must be income eligible-income eligibility for the ARRA IDA program can be up to 200% federal poverty guidelines
|
Family |
200% |
|
Size |
|
|
1 |
21,660 |
|
2 |
29,140 |
|
3 |
36,620 |
|
4 |
44,100 |
|
5 |
51,580 |
|
6 |
58,700 |
- Must reside in Morris or Warren County
- Must be a legal citizen of the United States
The program can serve up to 200 individuals. All savings goals must be met and matched prior to September 30, 2010. Since slots are limited, interested individuals are encouraged to contact the program immediately.
The NORWESCAP Financial Literacy and Savings Match ARRA Program is available to income eligible residents of Morris and Warren Counties.
Level of Service
NORWESCAP will be enrolling 15 low income families in the IDA program and it is anticipated that 175 individuals will be enrolled and receive a matched incentive in the Savings Match Program.
Contact Information Financial Literacy and Savings Match
NORWESCAP Financial Literacy and Savings Match Program
NORWESCAP Family Self-Sufficiency Program
973-784-4900 extension 106
fss@norwescap.org
|
