Individual Development Account Program (IDA) and Youth IDA

What is an Individual Development Account (IDA)?
A matched savings opportunity for people who are interested in either:
• Homeownership or;
• Small Business or
• Education (YIDA applies to high school students in the hampden county)

Who’s Eligible?
• Must have earned income to deposit into savings
• Is equal to or below 200% poverty level
• Total assets (checking, savings, stocks, bonds, etc.) are at or below $10,000 (Excludes one vehicle & primary residence)

Enrollment Requirements
• Meet Income Guidelines
• Willingness and time to participate in a Financial Literacy Workshop Series and asset specific training program; i.e. homebuyers education, small business class or informational about different colleges
• Eligible credit score for buying a house or starting a business

How does the Program Work?
• You decide what you would like to save the money towards
o Homeownership
-You save $2,000.00 over the course of 3 years or less
-We match with $4,000.00
o Education or Small Business
-You save $1,000.00 over the course of 3 years or less
-We match with $2,000.00
-YIDA students must complete community service hours
• You commit to depositing money on either a weekly or monthly basis into one of the three banks we have established accounts with
• You commit to the Financial Literacy Workshops which are offered throughout the year

When do you get the money?
• You have participated in the program for at least 6 months AND
• You have saved the agreed upon amount AND
• You have successfully completed an asset specific training program AND
• You have successfully completed the Financial Literacy Workshop Series

If you would like to learn more about our IDA/YIDA program or are interested in becoming a participant, Contact:
Tanya Jones, Program Coordinator
Email: tanyaj@springfieldpartnersinc.com
Tel. (413) 263-6500 ext. 6545 or Click Here