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Individual Development Accounts (IDAs)
What are IDAs?
IDAs are special savings accounts designed to assist low/moderate income
persons to acquire assets though matched savings and financial education.
IDAs reward the monthly savings of persons who are trying to start/expand
a small business or pay for college or trade school. IDAs help people
invest in their future. Our program consists of three components:
• Money Management Education - Providing participants with money management
skills training so they can make better financial decisions;
• Asset Specific Training - Helping participants develop a plan to further
their education or training or to grow or start a small business and improve
their family’s finances; and
• Monthly Savings - Encouraging participants to save the money they need
to make these positive financial changes in their lives by requiring regular
savings and then matching those savings with grant funds.
Get money for saving money
Saving money for future needs can be difficult. IDAs can help people
save their earned income for assets and then enable them to triple
those savings through matching funds. Savings matches are not “giveaways.” Participants
earn savings matches by saving their own hard-earned dollars and taking
steps to prepare for the future, like attending a money management
workshop. If you complete the program requirements, at the end of your
savings period we will match your savings at a rate of 2:1. The maximums
are outlined below:
Asset
|
Your
Maximum Savings*
|
Our
Maximum Match*
|
Total
Available for Asset Purchase
|
Small Business
|
$500
|
$1,000
|
$1,500
|
Education
|
$800
|
$1,600
|
$2,400
|
| *In some cases higher savings
and match amounts are possible |
Do I qualify for an IDA?
1) My household's total income is within the limits of the Income Chart
(see below)
2) My currents assets do not exceed $10,000 excluding the value of one
home and one car.
3) I have proof of earned income (pay stubs, letter from employer, etc.)
4) I am a resident of or are employed in Westchester, Putnam, Dutchess
or Rockland County.
5) I am committed to saving towards my future.
Household Size |
IDA Income Limits |
1 |
$20,420 |
2 |
$27,380 |
3 |
$34,340 |
4 |
$41,300 |
5 |
$48,260 |
6 |
$55,220 |
7 |
$62,180 |
8 |
$69,140 |
| *In some cases higher income limits are possible |
How do I participate?
You can apply for the IDA program if your total household income does
not exceed the income limits, your assets do not exceed $10,000 excluding
the value of one home and one car per household and you have earned
income. Just call and request an application. An IDA representative
will assist you in identifying what you will be saving for: your business
or education. You will work together to choose the item you will use
your IDA account to cover, for example it might be equipment, inventory
or marketing expenses in the case of a business; or tuition, books
or fees in the case of education. You will discuss with our IDA representative
how much you expect this item to cost, how much you can set aside in
savings each month and how long it will take to reach your savings
goal (six month minimum).Call today!
How to contact The IDA Network
For more information, contact Carol Danziger at
(914) 747-8020 x13.
Or send us an email at carol@ccrhv.org
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