IDA Participants (with participant list)

What is an IDA - 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. When they reach their goal, the savings will be matched for down payment on a home, tuition assistance or start up funds for a micro-enterprise. Savings match ranges from 2:1 to 4:1; so for every $1 you save, you will receive at least $2. 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 are worth the sacrifice. And let's be honest, in these economic times, this is by far the best return on your investment!

What does the program entail?

Participants save for at least six months. During the savings period, participants agree to make a minimum monthly deposit into their IDA account, attend at least ten hours of financial education, receive credit counseling and at least eight hours of training designed with their dream in mind. For example, a person wishing to purchase a home must attend first-time homebuyer classes. A case manager will guide and encourage participants through the whole process.

Do I qualify?

Qualified applicants: An IDA case manager can best determine if you qualify for the program. Below are some general guidelines that can help you determine if you are eligible.

  • You have earned income (Money from full or part-time employment, tips, self-employment, stipend or work-study. Unfortunately, disability, SSI, unemployment or other government assistance does not count as earned income)
  • You have an adjusted gross household income at or below 200% of the poverty level. Use the chart below to see if your household income qualifies.

FY 2012/2013 HHS Poverty Guidelines

Size of family
unit

100
Percent
of Poverty

110
Percent
of Poverty

125
Percent
of Poverty

150
Percent
of Poverty

175
Percent
of Poverty

185
Percent
of Poverty

200
Percent
of Poverty

1

$11,170

$12,287

$13,963

$16,755

$19,548

$20,665

$22,340

2

$15,130

$16,643

$18,913

$22,695

$26,478

$27,991

$30,260

3

$19,090

$20,999

$23,863

$28,635

$33,408

$35,317

$38,180

4

$23,050

$25,355

$28,813

$34,575

$40,338

$42,643

$46,100

5

$27,010

$29,711

$33,763

$40,515

$47,268

$49,969

$54,020

6

$30,970

$34,067

$38,713

$46,455

$54,198

$57,295

$61,940

7

$34,930

$38,423

$43,663

$52,395

$61,128

$64,621

$69,860

8

$38,890

$42,779

$48,613

$58,335

$68,058

$71,947

$77,780


Where can I go to start an IDA?

The following is a list of sites in the state of Ohio that provide IDAs through Assets Ohio at the Ohio CDC Association.

Adams Brown CEOI
Lisa Tumbleson Davis
406 West Plum Street
Georgetown, Oh 45121
(937) 378-6041 Ext. 238
ltumbleson@abcap.net
Service Area: Adams and Brown Counties
Types of Assets Offered: Micro-Enterprise

Buckeye Area Development Corporation (Lease Purchase)
11802 Buckeye Avenue
Cleveland, Ohio 44120
(216) 491-8450
Service Area: Buckeye/Larchmer In Greater Cleveland
Types of Assets Offered: Lease To Purchase Homeownership

CAP of Greater Dayton
Vicki Rish
719 South Main Street
Dayton, Ohio 45402
(937) 341-5000 Ext.182
vicki.rish@cap-dayton.org
Service Area: Montgomery County
Types of Assets Offered: Homeownership

Cleveland Housing Network (Lease Purchase)
Dana Arrington
2999 Payne Avenue Suite 306
Cleveland, Ohio 44114
(216) 774-2402
darrington@chnnet.com
Service Area: Cleveland
Types of Assets Offered: Lease To Purchase Homeownership

Community Action Organization of Deleware, Madison And Union Counties
Lori Riggs
149 North Sandusky Street
Delaware, Ohio 43040
(740) 369-3184
lriggs@caodmu.org
Service Area: Delaware, Madison And Union Counties
Types of Assets Offered: Homeownership, Micro-Enterprise, Education

East Akron NDC (Lease Purchase)
Toya Kelker
550 South Arlington Street
Akron, Ohio 44306
(330) 724-0244
tkelker@eandcorp.org
Service Area: Summit County
Types of Assets Offered: Lease To Purchase Homeownership

Famicos Foundation (Lease Purchase)
Sadie Johnson
1325 Ansel Road
Cleveland, Ohio 44106
(216) 791-6476 Ext. 249
sjohnson@famicos.org
Service Area: Ward 8 In Cleveland
Types of Assets Offered: Lease To Purchase Homeownership

Greene County College Success Partnership
Jim Mescher
360 East Enon Road
Yellow Springs, Ohio 45387
(937) 901-2162
gccsp@greeneesc.org
Service Area: Greene County
Types of Assets Offered: Education

HHWP-CAC
Ashley Woodard
122 Jefferson Street
Findlay, Ohio
(419) 423-3755 Ext. 215
awoodard@hhwpcac.com
Service Area: Hancock, Hardin, Wyandot And Putnam Counties
Types of Assets Offered: Homeownership, Micro-Enterprise, Education

Home Ownership Center Of Greater Dayton
Erin Cole
205 East First Street
Dayton, Ohio 45402
(937) 853-1600 Ext. 128
ecole@hocgd.org
Service Area: Clinton, Stark, Fayette, Greene, Miami, Montgomery, Preble And Shelby Counties
Types of Assets Offered: Homeownership

INCREASE CDC
2215 Citygate Drive Suite A
Columbus, Ohio 43219
(614) 476-1758
Service Area: Franklin County
Types of Assets Offered: Homeownership, Micro-Enterprise, Education

Impact CA
Christopher A. Jones
700 Bryden Road
Columbus, Ohio 43215
(614) 453-1621
cjones@impactca.org
Service Area: Franklin County
Types of Assets Offered: Youth Education

New Path
Bob Gerken
Ginghamsburg Church
125 Alpine Drive
Oakwood, Oh 45419
(937) 242-7035
gerkebo@yahoo.com
Service Area: Tipp City
Types of Assets Offered: Homeownership, Micro-Enterprise, Education

Northwest Ohio Development Agency
Tiffany Zinn
432 North Superior
Toledo, Ohio 43604
(419) 243-3734 Ext. 40
tzinn@nodatoledo.org
Service Area: Lucas County
Types of Assets Offered: Homeownership, Micro-Enterprise, Education

Ohio State University Extension
C/O Schoenbaum Family Center
Susan Colbert
C/O Schoenbaum Family Center
175 East Seventh Street
Columbus, Ohio 43201
(614) 247-1983
colbert.22@osu.edu
Service Area: Franklin County/University District
Types of Assets Offered: Homeownership, Micro-Enterprise, Education

Phe'be Foundation
Sharron Murphy-Williams
21403 Chagrin Boulevard Suite 100
Beachwood, Ohio 44122
(216) 283-2291
director@phebefoundation.org
Service Area: Cuyahoga and Summit Counties
Types of Assets Offered: Homeownership, Business Expansion, Youth Education

Self
Jerry Brown
1790 South Erie Highway
Hamilton, Ohio 45012
(513) 820-5023 Ext. 222
jbrown@selfhelps.org
Service Area: Butler County
Types Of Assets Offered: Homeownership, Micro-Enterprise, Education

Sensible Shelter Of Greene MHA
Jessica Dorn
538 North Detroit Street
Xenia, Ohio 45385
(937) 352-0259
jdorn@gmha.net
Service Area: Greene County
Types of Assets Offered: Homeownership, Micro-Enterprise, Education

Smart Money Community Services
Michelle Abernathy
800 Bank Street
Cincinnati, Ohio 45214
(513) 241-7266 Ext 1
mabernathy@smart-money.org
Service Area: Greater Cincinnati
Types of Assets Offered: Homeownership

Union Miles Development Corporation (Lease Purchase)
Mary Ellen Gardner
9250 Miles Park Avenue
Cleveland, Ohio 44105
(216) 341-0757 Ext. 227
maryelleng@unionmiles.org
Service Area: Union Miles in Greater Cleveland
Types of Assets Offered: Lease To Purchase Homeownership

Don't see a site for your area? Contact any non-profit organization like your local community development corporation or community action agency and ask them to start an IDA program through the Ohio CDC Association. Just have them contact us if they want more information!


FAQ

  1. What can I use my savings for?
    IDA savings can be used for closing costs of a first time home purchase, starting or expanding a small business, or expenses for post secondary education.
  2. Can I use my savings for purchases other than my goal?
    The money you save in your IDA is YOURS, but in order to receive the $2 match for every $1 you save, the money must remain in your account for at least six months and you MUST use it for a specified asset goal. If you choose to withdraw the money before you attain your asset, you forfeit the match money. Talk to the IDA program manager at your site for more information.
  3. My credit score is very low. Can I still participate?
    Yes! Part of the required financial education with the IDA program is credit counseling and repair. A case manager will work with you to improve your credit score, making it a better number to ultimately achieve your dream of your asset.