IDA is a matched-savings program that can help you save money for a specific goal. This can include:
- Buying your first home
- Pursuing an education after high school
- Starting or expanding a micro business1
Who Is Eligible
Eligibility is based on household income and assets:
- Your gross household income can be up to 200% of the Federal Poverty Level
- At least one family member must have earned income through a job or self-employment
- You can have up to $10,000 in personal assets, not counting the home you live in and one vehicle
How It Works
- Program staff help you develop a plan to save up to $1,000 over a two-year period.
- The program matches every dollar you save with an additional $2.
This means, for example, that if you:
- Save the allowed maximum of $1,000 +
- The program gives you a match of $2,000 =
- You'll have $3,000 saved to help you achieve your goal.
- While you save, you also attend classes to help you learn how to manage your finances.
- You can access your matched funds after you've successfully saved for at least 12 months and have a written plan showing how you'll spend the savings to reach your goal.
How To Apply
To find out if an IDA is right for you, contact your local Community Action Agency.
1.Businesses that employ less than five people and generate less than $25,000 in annual revenue.