Individual Development Accounts (IDA)

About the IDA Program

After saving $1,000 in 6 months, IDA participant receives additional $2,000 to purchase a home.

Individual Development Accounts (IDA) are matched savings accounts that enable low-to-moderate income (LMI) American families to save and build assets. IDAs encourage the monthly savings of working families by providing an incentive through the use of matching funds at a 2:1 ratio. These funds typically come from a variety of private and public sources.

What is the Importance of Having an Asset?

While your paycheck helps you to buy food and clothing and helps pay monthly bills, an asset provides financial security for the future. If you begin to earn less money or lose your job, having an asset will make it easier for you to continue to pay your bills and meet household needs. Assets can also be liquidated in order to keep you out of emergency situations (that can be expensive).

They are transferable through generations which can give younger family members a head start in life. Assets also allow you to take advantage of new opportunities. For example, you can borrow against a house to pay for school.

How Can I Use My IDA Savings?

IDA programs allow account holders to use their savings to pay for the following:

Start-up business expenses
First home purchase
Post-secondary education or vocational training expenses

IDA Program Eligibility and Requirements

Participants must have a household income at or below 200% of the federal poverty level
Must be employed
The maximum amount that can be matched is $1,000
Must save a minimum of $50 per month
Must save for a minimum of 6 months and no longer than 2 years.
Must complete the Personal Finance Education class before the end of the program(call INCREASE CDC for details)

To participate in the IDA program, contact Chris Babbs at 614.476.1758 or email This e-mail address is being protected from spambots, you need JavaScript enabled to view it .