Individual Development Account (IDA)

Assets for Opportunity is a matched savings program for low and moderate income residents of Rutland and Bennington Counties.

Assets for Opportunity will allow residents of southwestern Vermont to deposit a determined amount of money each month into a special savings account, called an Individual Development Account (IDA),in order to work toward the purchase of a productive asset - a home, a small business or post secondary education for the saver or their child. Program participants savings deposits will be doubled (and in come cases tripled) in order to make purchasing one of these assets a realistic goal. Participants will save regularly for one to two years.

Assets for Opportunity is part of a new and innovative approach to combating poverty that focuses on meeting the most immediate needs of low income families while assisting working families in acquiring a stake in their communities.

Support is available to reach these goals.

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Individual Development Account Program Success Story Paul Hodgeman joined the IDA Savings Program in April of 2006 to save for his own landscaping business. Paul and his wife Lori live in Pownal with their children and have the opportunity to operate this business from their home. Both Paul and Lori faithfully attended the series of eight Economic Literacy Workshops in Bennington and saved $500 in the next twelve months. In the Spring of 2007 D.P.M.J. Landscaping began to provide an income for the family. Paul has twelve years experience as a landscaper and Lori takes care of business in the office as well as helping Paul on the larger projects. In June of 2007, Paul was able to access the IDA Savings and match of $1,500 to buy equipment for the business. He purchased an edger and pole saw to do brush cutting. Paul has saved the $500 for the second year match and will be able to access these funds in August 2007 to successfully complete his IDA participation. D.P.M.J. Landscaping provides year round yard service with Spring and Fall clean-up, snow plowing in the winter, garden design and installation, mulching, mowing and trimming and small building demolition and removal. They also provide “peace of mind” to the out-of-state property owners with their property security check service. For Bennington area residents needing help with their yard work give Paul and Lori a call at D.P.M.J. Landscaping at 823-4029.