Individual Development Accounts
The Economic and Community Development Institute does not accept walk-in IDA clients on Fridays. Walk-ins are welcome Monday through Thursday, 9 a.m. - 4 p.m.
What is an IDA?
Individual Development Accounts (IDAs) are matched savings accounts that enable families to save, build assets, and enter the financial mainstream. IDAs reward the monthly savings of income eligible 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 and asset-specific training, provided by the Institute or partner organizations. Microenterprise development training is a 25-hour course provided by the Institute. Post-secondary education training entails meeting with a financial aid counselor and developing an educational financial plan. First-time homebuyer education is provided by partner organizations like Columbus Housing Partnership or Homes on the Hill. Home repair education provided by partner organizations like Columbus Housing Partnership or MORPC.
- 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, the Institute 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.
- 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
2011 Federal Poverty Guidelines (FPG) - 200%
For more information about the Ohio Housing Finance Agency (OHFA) Home Repair IDA program, click here.