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Assets for Change
is an Individual Development Account (IDA) program. IDAs are special
matched savings accounts. Every dollar you save is matched two-for-one, up
to a limit of $500, for two years. The savings and match money –
potentially $3,000 – can be used to start or expand your business, buy a
home, or go to college.
Qualifications
to open an IDA are: low-income, limit on assets already owned (home and one
car excluded), and must have earned income. Also, availability of match funding.
Requirements include regular savings, attendance at 10 weekly Financial
Literacy classes, Peer Support group meetings monthly.
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Contact Celina Wright in St. Johnsbury at (802) 748-6048,
in
Newport at (800) 639-4065, or at
cwright@nekca.org,
if you are interested in starting an IDA. |
IDAs are part of a
nationwide, new and innovative approach to combating poverty that focuses on
the long-term benefits of acquiring “assets”, rather than the traditional
approach of meeting the immediate needs of families.
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