Buying homes, building lives.
That was the purpose of a $22,000 check given by Webster Bank to TEAM, Inc. of Derby Friday.
The money will be used for TEAM’s “individual development account” program.
The program provides matching funds for economically disadvantaged residents that can be used toward the purchase of a major asset, such as a home.
It can help people purchase a car, go back to school, start a business or save for a security deposit on an apartment.
The Webster Bank money will be used to help cover closing costs for first-time home buyers.
Edward Sutherland, financial literacy coordinator for the program, coordinated a round table discussion with Webster Bank Friday to explain the purpose — and success — program for low income Valley residents.
“We have been an IDA program for about ten years,” Sutherland said. “We have had 65 people come through the program and out of that six individuals have purchased homes, sixteen vehicles were purchased by client’s asset development. We have had people also return to college and had a lot of success. “
Sutherland said that the program at TEAM presently has ten slots for the program with eight taken by individuals and families. Six of those slots in the IDA program are filled by individuals or families presently saving to buy a home.
Richard Knoll, president and chief executive officer of TEAM, said the money can also help his organization receive additional funds for the program.
“I think building assets for families is so important,” Knolls said. “This check allows us to apply for federal grants to get people into their first house. We are striving for first-time home ownership.”
Mina Minelli, vice president of Community Solutions at Webster Bank, said the money will strengthen the economy.
“Our goal at Webster Bank is to work in the community creating collaborations that will impact positively on the community,” Minelli said. “Education is key. Having consumers informed and knowledgeable is so important because that can impact their whole life. When people are in the right position, it can help build the economy.”
TEAM is an anti-poverty nonprofit agency that serves the lower Naugatuck Valley. It serves about 5,000 people.