An Individual Development Account (IDA) 
An Individual Development Account (IDA) is a program designed to help build an individual's assets. An asset is something of value that is likely to return substantial long term benefits to its owner - benefits like security, stability, and opportunity for more income.
The program works like this. Money is put into a special savings account on a scheduled basis. The average account holder puts in $50 a month saving a total of $1333 which is matched by $4000. The total of $5,332 can be used toward a down-payment on a house, education, or starting a business. In addition to putting money in the savings account, each participant must attend 6 Economic Literacy Classes, attend monthly Savings Club meetings, and meet with the Case Manager at least once a month.
To be eligible, you must be working a minimum of 10 hours a week and meet income requirements.
The Savings Club meets monthly as an open forum to gain support and additional knowledge.
The Case Manager works with participants on the requirements and assists with program related questions and problems.
The Economic Literacy Classes teach the participant budgeting, personal banking, credit repair, financial planning, and more. |
