INDIVIDUAL DEVELOPMENT ACCOUNTS (IDA)

Individual Development Accounts (IDAs) are matched savings accounts that enable low-income families to save, build assets, and enter the financial mainstream.   IDAs reward the monthly savings of working-poor families who are building towards:

• Buying a Home
• Post-secondary Education
• Starting or Expanding a Business

IDAs make it possible for low-income families to build the financial assets they need to achieve the American Dream.

The maximum amount that can be matched for each participant is $2,000.00.  The IDA Program matches it with $2,000 federal match and $2,000 local match, so that the participant has a total of $6,000 with which to purchase an asset.  In addition, participants are required to attend and complete fifteen workshops:  six financial literacy workshops; five workshops geared to their asset goal; and four electives.  The IDA is not a loan, and never has to be paid back.

IDA Eligibility

• Participants must have earned income.
• Participants must be a resident of San Bernardino County
• Individuals must meet income and net worth guidelines:
  1. Prior year net worth must not exceed $11,750 excluding the primary residence and one vehicle
  2. Income less than 200% Federal Poverty guideline or EITC (Earned Income Tax Credit) guidelines

Requirements to Complete IDA

Participants must complete 15 workshops:

• 6-Financial literacy classes
• 5-Specific to the Asset goal
• 4-Electives
• Save a minimum of $25.00 per month.

IDA Financial Partners

The IDA Program would not be possible if not for the support of local community organizations and businesses that supply the local match dollars.  Community Action Partnership is grateful for the generous financial support of the following partner organizations.  They have provided investments that will have a far-reaching effect on families as they build for the future.