Matched Savings Program (IDA)
Individuals and families receive the tools needed to gain financial control of their future.
An Individual Development Account, or IDA, is an asset building tool that promotes savings and wealth accumulation. Individuals who participate in this program will save up to $2,000 over a minimum of six months and when they complete their asset goal, will receive a 1:1 match of up to $2,000, for a total of $4,000 that may be used for purchasing a home or car, for owner occupied housing rehab, or for higher education. The program links financial education and specific asset goal education so that individuals become informed about how to manage their finances and also become informed consumers.
- While participating in the program, individuals will meet with a Financial Coach monthly to address other financial concerns
- Individuals will open a savings account with a designated financial institution as determined by asset goals after they complete the Two Cents About Finances workshop
- Individuals interested in opening an Individual Development Account must first meet with a Financial Coach and complete a Savings Agreement after attending the Two Cents About Finances Workshop
Why We Do It
Research, and our own measured outcomes, confirm that individuals with lower incomes can save, that they can accumulate assets and maintain them, and that public policies and resources can effectively promote this. IDAs are financial tools that help to connect poor and unbanked Americans to the financial mainstream, providing exposure to a broader range of tools, products, and information for building wealth (The ASPEN Institute – Economic Opportunities Program, 2003).
Eligibility Criteria - Currently Accepting Names for Waiting List
There are three program requirements to participate in the IDA program:
- Must be 18 years of age or older
- Check income guidelines below; income earned must be from a current employer, unemployment, Social Security (Retirement) or SSDI (Social Security Disability Income), and
- Because Supplement Security Income (SSI) is an asset based program which will not allow individuals to save more than $2,000, we require proof that participation will not impact monthly benefits (provided through SSI consultation)
Participants must meet yearly income restrictions determined by family size.
1 person household $38,950 2 person household $44,500 3 person household $50,050
4 person household $55,600 5 person household $60,050 6 person household $64,500