New Haven $AVE$ Quick Facts( APPLICATIONS ARE NOT BEING ACCEPTED AT THIS TIME)

 New Haven $.A.V.E.$. (Supporting Asset Ventures for Economic Security) New Haven $.A.V.E.$. is an Individual Development Account (IDA) Initiative geared to Support Asset Ventures for Economic Security within low income families in New Haven. Participants may save for the purchases of a home, small business, or post secondary education or training. Financial education, asset specific training, and individual financial counseling are a major component and requirement of this initiative. Participants in this IDA will be matched $2 for every $1 saved up to $2, 000. Program Guidelines  Must be a New Haven Resident and $25 Application Fee must be received with completed application.  Families must have at least one working adult, and one child 18 or younger. (Youth IDA component if child is in at least 9th grade; may save toward college education or secondary training) Applicants  Must work at least 30 hours a week. 

 Net household worth (as of end of the last calendar year) cannot exceed $10,000, (excluding a primary dwelling and one vehicle)  Member of a household that is eligible for assistance under the State Temporary Assistance for Needy Families (TANF) OR -Member of a household whose Adjusted Gross Income (AGI) is within 200% of the Federal Poverty Income Guidelines. OR -Member of a household eligible for the Earned Income Tax Credit (EITC).

(Click on the arrow below to hear from a New Haven Saves participant) 

 Households are allowed to have two (2) IDA participants who save a total match amount of up to $8,000. Only one (1) IDA of up to a total match amount of $4,000 is permitted per individual. (i.e. one (1) participant may save $2,000 for an ENH match of $4,000, for a total of $6,000 for an asset purchase; two (2) participants of the same household can each save up to $4,000 for a match of $8,000 from ENH which would give a total of $12,000 for an asset purchase.)  Intent to make an asset purchase of a home, small business, or higher education.If saving for a home, must be first time home-buyer.  Participants will need to make a deposit of at least $20.00 per calendar month, but not to exceed $345.00 per calendar month.

(Click on the arrow below to hear from a New Haven Saves Participant)

The maximum match amount for each individual is $4,000 which means that each person can save up to $2,000 for a 2:1 match of $4,000 from ENH. Maximum match for one calendar month is $345.00. Matching funds are available after 6 months of participation; however participants may be in the program for up to 3 years.  All accounts are interest bearing, fee free statement savings accounts. Participants are responsible for making deposits at the bank. However, participants will not be able to make withdrawals.

(Click on the arrow below to hear from Jaconna Sowell)

Participants will receive copies of bank statements in the mail. Empower New Haven will receive original participant statements to monitor account activity.  All participants are required to complete financial literacy training and asset based training before purchase. If participants do not make a deposit in their accounts for more than 3 consecutive months; Participants account will be considered inactive and closed. A full refund will be sent to participant and they will become ineligible for matching funds. Applications are available can be found at empowernewhaven.org or by mail To request an application be mailed, please contact: JaConna Sowell New Haven $.A.V.E.$. Program Coordinator jaconnasowell@empowernewhaven.org (203) 776-2777 Telephone (203) 776-0537 Fax 59 Elm Street, Suite 410 New Haven, CT 06510

Back to News