Individual Development Accounts
What is an IDA?
“Individual Development Accounts (IDAs) are matched savings accounts that enable low-income American families to save, build assets, and enter the financial mainstream. IDAs reward the monthly savings of working-poor families who are building towards purchasing an asset - most commonly buying their first home, paying for post-secondary education, or starting a small business. ” (www.cfed.org)How does an IDA work?
- An eligible individual or family enrolls in the program (eligibility varies by program and funding source)
- The participant(s) complete Financial Literacy training provided by ECDI and a HUD-certified Homebuyer’s Education course provided by partner organizations like Columbus Housing Partnership or Homes on the Hill
- A custodial savings account is opened and the participant saves a specified amount of money over a minimum of six months’ time
- Once the participant reaches their savings goal, ECDI matches their money with grant money and writes a directly to the title agency to pay for downpayment or closing costs. The check is delivered to closing by an ECDI employee.
IDA Eligibility
- Household has earned income at or below 200% of the poverty level and there is a dependent in the household OR
- Household has earned income at or below 200% of the poverty level and household assets do not exceed $10,000
| Household size | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
|---|---|---|---|---|---|---|---|---|
| Monthly/Yearly Income | $1,805/ $21,660 |
$2,428/ $29,140 |
$2,052/ $36,620 |
$3,675/ $44,100 |
$4,298/ $51,580 |
$4,922/ $59,060 |
$5,545/ $66,540 |
$6,168/ $74,020 |
To apply, click here.
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