Individual Development Account
Helping Idaho individuals and families save money to pay for education, homeownership, or starting a small business.
What is an IDA?
IDA stands for Individual Development Account. IDAs are matched savings accounts used to help individuals or families save money to build assets. Assets help provide future economic benefits, helping the account holder to become economically self-sufficient.
How does an IDA work?
Every dollar the account holder saves will be matched with $2 (for example, when the account holder deposits $1, an additional $2 will be deposited through the IDA program, bringing the total amount to $3). The account holder can save over the course of six months up to two years. The maximum amount that an individual can save is $2000, which would result in a total of $6000 ($4000 worth of matched funds).
What can the money be used for?
There are three possible assets to choose from that account holders can save for:
- Education- Any post-secondary education or job training. Funds may be used for tuition, books, equipment, and other fees.
- First Time Home Ownership- Down payment and/or closing costs on a home.
- Small Business- Start or expand a small business.
Who qualifies to participate in the IDA program?
In order to be an account holder, an individual must:
- Be at least 18 years of age
- Have a household income at or below 200% of the Federal Poverty Level and household net worth of less than $10,000 (excluding an owned home and one vehicle) OR be eligible for Temporary Assistance for Needy Families (TANF) or Earned Income Tax Credit (EITC)
- Have a stable, verifiable source of earned income
Who can be contacted regarding the IDA program?
To find out more information about the IDA program and to learn more about qualifying, contact: Marcia, Family Strengthening Worker at Catholic Charities of Idaho, 345-6031 ext 109
