IDA Savings Account
IDA participants save money in a special Individual Development Account (IDA). Every dollar saved is matched with additional funds — totaling $10,000 — that can be used toward buying a first home, starting a small business, or paying for post-secondary education or job training. To qualify, participants must meet program income requirements and participate in financial literacy classes. Payments are made directly to vendors (like a school) depending on the type of asset someone pursues.
Matched Savings
Participants commit to saving $1,000 in their IDA account. The program then multiplies that amount to $9,000 in matching funds, turning their savings into $10,000.
