Individual Development Account (IDA)

OSU Survey of Former IDA Participants: Understanding the Long-Term Impact of the Individual Development Account.
View the Survey of Former IDA Program Participants: How Do They Fare?.

View the IDA 2012 RFP (pdf)

View the 2011 IDA Site Contact Information (pdf)

F.A.Q.

     What is Assets for Independence?
     Potential Participants
     Current Sub-Grantees
     Frequently Asked Questions

What is Assets for Independence?

Assets for Independence (AFI) is a discretionary demonstration five year grant through US Health and Human Services that allows community-based and government agencies to provide program services that enable low to moderate income individuals to develop savings habits for a specific asset purchase. For every dollar the participant saves in an Individual Development Account (IDA), the funded organization will provide a match (from $1 to $8). The match is a combination of funds raised from federal and private funding sources. Allowable asset purchases are the acquisition of a first home, financing for micro-business or tuition assistance for postsecondary education or training. AFI projects must offer financial education and asset-specific training based on the proposed asset purchase to the participant. Other supportive services must include credit counseling and repair, case management and assistance in filing for the Earned Income Tax Credit and the Child Tax Credit.

OCDCA has been a grantee for the AFI project since 1999. Our project, called "Assets Ohio", has been awarded five AFI demonstration grants with potential funding through 2014. Assets Ohio has approximately 24 sub-grantees offering the IDA program throughout the state of Ohio. In some cases, OCDCA has raised state and private match funds for some of the sub-grantees.

Assets Ohio offers assistance with financial education through the Money Style website sponsored by CCCS and available to all OCDCA members.. Assets Ohio provides training and technical assistance to its sub-grantees. Currently, there is an on-going Request for Proposals process for those organizations that are interested in becoming a sub-grantee under Assets Ohio. However, an interested organization must be an OCDCA member in good standing to be eligible to submit a proposal.

If your organization would like additional information about AFI, go to: http://www.acf.hhs.gov/programs/ocs/afi/. If you wish more information about Assets Ohio and the IDA project, please contact: Suzanne Parks, Director of Asset Development, (614) 461-6392, ext 206, sparks@ohiocdc.org

[back to top]

Potential IDA Program Participants

IDAs - The Promise
Are you looking for a way to break from the restrictions of poverty? Individual Development Accounts (IDAs) are an approach for low to moderate income individuals and families to fulfill their American dream to purchase either a home for the first time, earn a post-secondary education/trade credential or open a small business. The promise of having one or more of those assets is your ticket to self-sufficiency and independence.

Eligible individuals with earned income at or below 200% of the poverty level can deposit a portion of their earnings into an IDA savings account which upon maturity ($1,000) will be matched by federal and non-federal dollars for down payment on a home, tuition assistance or start up funds for a micro-enterprise. Savings matches range from 1:1 to 1:8. During the savings period, savers agree to make a minimum monthly deposit into their IDA account, attend financial literacy, credit repair and trainings designed with their dream in mind. For example, persons wishing to purchase a home must attend first time home ownership classes. A case manager will guide and encourage participants through the whole process.

If you are fueled with desires to purchase your asset, willing to save, committed to living within a budget, take the necessary steps to improve your credit score and agree to attend trainings then this is the program for you. IDAs require a huge personal commitment but worth the sacrifice. And let's be honest, in these economic times, this is by far the best return on your investment!

To find out whether you or your household is income eligible to participate in an IDA: view the 2011/2012 HHS Poverty Guidelines.

For more information on the IDA program, contact: Suzanne Parks, Director of Asset Development, (614) 461-6392, ext 206, sparks@ohiocdc.org.

[back to top]

Current Sub-Grantees

Hello Assets Ohio sub-grantees and welcome to the section designed for Assets Ohio organizations. In this slice we will list upcoming events, funding opportunities for match dollars, provide answers to frequently asked questions and FYI. We also welcome your thoughts and feedback on your projects.

Frequently Asked Questions

When I am entering a participant into AFI2 version 2 I am prompted to provide the county median income where the applicant resides: where can I find that information?
You can go to the United States Census Bureau website at http://www.census.gov. Click on the "Data Tools" link, click on "Quick Facts" and follow the prompts from that page.
What demonstration am I assigned to and when does it end?
On the first page of the grant agreement, there is a number that starts with 90EI. The last four numbers. The numbers determine the demonstration cycle. For example, if the last four digits are 0433, then you are in Demonstration 3. This demonstration ends in 2011 with the possibility of a one-year, no cost extension. The below chart lists all of the demonstrations by number with the abbreviated name and associated dates.

Demonstration

Beginning Date

Ending Date

No Cost Extension

90EI0403 (3)
90EI0497 (4)
90EI0535 (5)

2006
2007
2008

2011
2012
2013

2012
2013
2014

For additional information, Contact: Suzanne Parks, Asset Development Manager, (614) 461-6392, ext 206, sparks@ohiocdc.org

[back to top]