FAQS —IDA

Definition of an IDA
IDAs are a “matched” savings account designed to help low-income and low-wealth families accumulate a few high return investments in education, homeownership, and small business development. An IDA is an Individual Development Account. The IDA Program offers eligible individuals/households to save for a future asset, obtain general economic literacy training, asset training, and receive assistance from a local community organization, while having their savings dollars matched on a 3:1 ratio (for every $1 saved, the participant will receive an additional $3 up to $2,000 saved).

Who Is Eligible for an IDA?

• Individuals/Households who are TANF eligible
• Individuals/Households that are EITC (Earned Income Tax Credit) eligible
• Individuals/Households that are 200% of poverty or below

AND, those eligible must pass a Net Worth Test.

What Can You Save For?

• Homeownership
• Post-Secondary Education
• Small Business Development

What Are the Minimum and Maximum Savings Amounts that Are Matched?

• Minimum: $25 per month
• Maximum: $100 per month up to $1,000 per year, and a program maximum of $2,000 of savings through the life of the IDA account
• A maximum of two IDA accounts per household is allowed

What Are the Classes and Trainings IDA Participants Must Attend?

• A minimum of eight hours of general economic literacy training
• A minimum of four asset management training must be attended each year by each participant
• A Minimum of six of these hours must be completed prior to enrolling in the IDA program

How Do I Find a Community Organization Doing IDAs in My Community?
If you are an individual interested in signing up to start an IDA please contact us by email at info@theloanfund.org, or by phone 603-224-6669