Individual Development Accounts (IDA)
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!