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Individual Development Account

Program Description
The Community Enterprises Corporation, Inc. IDA Program is a matched savings program designed to help people with low-income to save for and acquire a productive asset -- a home, a small business or post-secondary education. Participants make regular contributions to a special savings account, an "Individual Development Account" or IDA, held jointly by the participant and Community Enterprises Corporation (CEC) at a partner financial institution. Participant contributions are matched 2 to 1, up to $4,000.00 (Single Individual) or $8,000.00 (Head of Household) per year, and are generally not available for withdrawal (CSP-NJ residents contributions are matched 3:1). Match funds are disbursed when a participant reaches his or her savings goal and are issued directly to a vendor that provides the participant's chosen asset goal.

Participant Eligibility

Prospective CEC-IDA Program participants must meet four criteria:
Households’ total annual income does not exceed 200% of the poverty level ($19,140.00/ family of one, $32,180.00 / family of three)
Total household net worth of less than $10,000.00 / family of one, excluding the primary dwelling unit and one motor vehicle owned by a member of the household.
Annual earned income of at least the amount to be saved each year (minimum of $300.00)
Must be a consumer of mental health services living in CSP-NJ supportive housing or an active member of a CSP-NJ Self-Help Center in the CEC service area in New Jersey .

Other Requirements:
Participants must also:

Save at least $25 a month while participating in the program
Attend a series of personal finance and money management workshops
Commit to remain in the program for at least one year
Be willing to participate in on-going peer support groups
Appreciate that savings and match money may only be used toward one of the program’s approved asset uses .

Next Steps
CEC-IDA Program interested individuals should fill-out the attached Pre-Application Form and mail it to Community Enterprises Corporation, 11 Spring Street, Freehold, NJ, 07728, Attention: Zoraida Reyes. She can also be reached at 732-780-1175 for additional information.