The Home Maintenance and Energy Conservation Individual Development Account (IDA) Program provides first-time homebuyers and existing homeowners with a source of matching grants to pay for home maintenance and/or energy conservation improvements on houses they are either purchasing or already own.

This program was developed to provide a financial incentive for homebuyers and existing homeowners to save money that is earmarked for rehabilitation and/or energy conservation work.  Matching funds, on a dollar-for-dollar basis up to a maximum of $5,000, are available to individuals and families with incomes at or below 120 percent of the median income for the New Haven-Meriden metropolitan statistical area. Additional matching funds, provided through the Assets for Independence Program, are available to very low income families (those earning less than 200 percent of the federal poverty level).  A minimum savings accumulation period of one year is required, and participants in the program may take up to three years to reach their savings goals.

Housing units being rehabilitated must be brought up to housing code standards and participants are encouraged to include cost-effective energy conservation measures as part of the scope of their rehabilitation work.  Housing units with major pre-existing structural, code, and/or health issues will not be funded for repair through this program unless the homebuyer can demonstrate that additional funds are available to bring the housing units up to code standards.

Income limits for this program are as follows: