IDA Matched Savings Account: Available Nationwide
IDA is short for Individual Development Accounts and is a matched savings account that is available nationwide. You can check to see the availability in your state here.
With the help of an IDA account, it might be a possible way to help your dream of owning your own tiny home. We had a customer who was able to buy a home last year with the help of a grant in Oregon using IDA funds. Details.
IDAs reward the monthly savings of low income individuals who are trying to buy their first home, pay for post-secondary education, or start a small business.
Each state has different requirements and criteria. IDA’s match your deposits by offering a 1: 1 or in some states and 2:1 or even a 3:1 match. If you save a dollar, you will be rewarded with a dollar. There is usually a minimum time requirement to save and a maximum amount that can be saved.
Low Interest Loans
As you are researching in your state regarding the IDA funds, check to see if there are low interest loans as well.
Assets For Independence Resource Center
Assets for Independence (AFI) enables community-based nonprofits and government agencies to implement and demonstrate an assets-based approach for giving low-income families a hand up out of poverty. AFI projects help participants save earned income in matched savings accounts called Individual Development Accounts (IDAs).
The Office of Community Services supports more than 200 agencies and community-based groups across the nation that run AFI Projects and other programs to help low-income families build their economic assets. Individuals and families can enroll in Individual Development Account projects at locations throughout the nation. If you’d like to find a program near you, use the picklist below to select your state.
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