Cambridge Savings Bank has made a $7,500 donation to Cambridge Neighborhood Apartment Housing Services (CNAHS), which will be used to support the Individual Development Account (IDA) and financial literacy programs at CNAHS for the residents of their affordable housing developments.

The IDA program allows participants to get their savings matched through grant funding to help residents purchase meaningful assets such as their first home or educational costs, according to a statement. Participants undergo financial education classes, one-on-one financial counseling and group meetings as they save towards their asset goal.

"Because of the educational component, data has shown IDA savers to be less likely to experience foreclosure," said Peter Daly, executive director, CNAHS. "Cambridge Savings Bank has been an integral partner through-out this program offering financial education classes to our participants, donating $7,500 yearly in grant funds and providing bank accounts for the program."

"The IDA program is a great example of how CNAHS is helping low and moderate income residents in Cambridge," said Robert M. Wilson, president and CEO of Cambridge Savings Bank. "Cambridge Savings Bank is proud to support CNAHS and their goal of creating and preserving affordable housing in our community and helping residents to understand finances and build assets."