What is an IDA?
Individual Development Accounts:
An Innovative Approach to Replacing Poverty with Prosperity
Individual Development Accounts (IDAs) were created to encourage savings, investment and asset accumulation among moderate income and working families. Assets – such as a home, a college education or a business - enable even low-income families to move into the economic mainstream.
IDAs are a matched savings account. People who save through an IDA can typically use those savings to:
- Buy a first home
- Pursue a college education
- Start or expand a small business
IDA holders are required to complete a financial education program. Most IDA programs are offered through local nonprofit organizations, which also provide financial education. IDA savers learn to develop and manage a household budget, manage debt, set financial goals and achieve them.
To learn more about IDAs, call (505)217-2747 for more information.