The Individual Development Account (IDA) Program 5/21/2010
What is an IDA?
An IDA provides matching funds at a rate of $2 for every $1 saved by eligible individuals up to a maximum of $2,000. The savings account can be used to purchase a first home, attend post-secondary education or even start a small business while attending free financial education.
Participants can save a minimum of 6 months up to a maximum of 2 years to reach their savings target.
Total possible savings, including matching funds, is $6000 for the individual to use for the chosen asset goal.
IDA stands for Individual Development Accounts. IDAs are matched savings accounts that can only be used to save for a certain asset goal.
What is an Asset Goal?
The goal and purpose of an IDA is to help individuals acquire assets. Assets help provide for the investor’s future and help the individual become economically self sufficient.
What are the choices for an Asset Goal?
- Education Post secondary education or job training for the investor. Funds can be used for tuition, books, equipment, and / or fees.
- First Time Home Ownership Closing costs and / or down payment on a home
- Small Business Start or expand a business.
What are the qualifications to participate in the IDA program?
- To be an investor in the Idaho IDA program, an individual must:
- Meet the eligibility requirements for household income and net worth
- Have a stable source of earned income
- Attend an application interview
- Develop an Investor Savings Agreement
- Attend financial education classes
- Attend asset specific training
- Meet regularly with an account manager to assure progress toward goal
- Reach savings goal with the allotted time frame
How do I get more information?
To get more information about the IDA program, you must speak with an account manager with your local community partnership agency. Contact the 2-1-1 Idaho CareLine by dialing 2-1-1 or 1-800-926-2588 to get the contact information for your local community partnership agency.