IDA Program

Hands of people of a variety of races putting change in a piggy bankIn 2009 SCC joined the MIDAS Collaborative to offer an Individual Development Account Program to Somerville residents. Individual Development Accounts are matched savings accounts created for a specific purpose – in our case, higher education or training.

The match incentive works very much like an employer-sponsored 401(k). Each dollar a participant saves is matched, making it easier for low-income individuals and families to achieve their goals. For more information about the program, including eligibility requirements, please contact Janine Lotti, asset building specialist, at 617.776.5931, ext. 228.

 

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