Individual Development Accounts (IDAs) are matched savings accounts that enable low-to-moderate income individuals and families to build assets and enter the financial mainstream. The program provides an asset based approach to giving qualifying individuals and families a hand up out of poverty to break the cycle.
The IDA program matches an individual’s savings, up to a maximum of $2,000 at a rate of 2:1. The individual’s savings plus the match (which can total up to $6,000) can then be used for a first time home purchase, post -secondary education or transferred to a dependent.
IDA Program Successes:
- 46 participants have purchased a home and 11 more are working toward home ownership
- 25 participants are utilizing the program for post-secondary education
- 5 have successfully completed the program and used their IDA to start a small business
- Over 770 hours of financial education were completed
- Over 406 hours of homeownership courses and career counseling were provided
- $377,725 in total participant savings and matching funds were deposited
- An average of $125 was saved each month by low income families in the Treasure Valley
Close to 60 participants used all or part of their Earned Income Tax Credit (EITC) to make a lasting impact
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IDA Program Funders:
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- Bank of America
- Boise City CDBG Funds
- Chase Bank
- Fannie Mae
- Home Federal Bank
- Idaho Association of Mortgage Brokers
- Idaho Housing and Finance Association
- Nampa Housing Authority
- Partners for Prosperity
- U.S. Bank
- Wells Fargo Bank
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| IDA Program Partners: |
- Boise City/Ada County Housing Authority
- Boise State University – McNair Scholars Program
- Catholic Charities of Idaho
- Community Action Partnership Agencies
- Idaho Housing and Finance Association
- Nampa Family Shelter Coalition
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Click Here for IDA Brochure
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