> What We Do > Individual Development Accounts (IDAs)

Individual Development Accounts (IDAs)

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Update:  We are not accepting new applicants for  Individual Development Accounts (IDAs) as this very popular program is filled to capacity at this time.  We will make an announcement as soon as slots for new participants become available. Watch this space for updates. Thanks for your interest.


Individual Development Accounts (IDAs) are matched savings accounts that encourage and promote saving as a lifelong habit. Each participant saves for a specific goal: buying a house, establishing a small business, or pursuing an education. The match amount comes from local financial institutions and grant monies from the federal government. This is usually a three-year program because participants need time to save towards these goals.


IDAs are one way to put people in affordable housing and to help with one of the top identified needs from our surveys and from the city’s consolidated plan. Income-eligible participants can apply for an Individual Development Account (IDA), which are matched savings accounts.


Your $2,000 savings account could grow to a $6,000 down payment!


For more information, please contact our IDA Program Coordinator by clicking here.



IDA FAQ:



What is an Individual Development Account (IDA)?
A matched savings opportunity for people who want to:
  • Buy a Home
  • Start or Capitalize a Business
  • Go to College or post-secondary vocational school

Who Is Eligible?
  • Residents who have earned income to deposit into a savings account
  • Residents with incomes at or below 200% federal poverty level (see link above)
  • People with monetary assets at or below $10,000 (excluding one vehicle & primary residence)

What are IDA Participant Requirements
Enrollees Must:
  • Meet Income Guidelines
  • Complete a Financial Literacy Workshop Series and an asset-specific training program, such as a first-time homebuyers course, an entrepreneurship class, or college enrollment information sessions
  • Have a credit score high enough to buy a house or start a business

How Does the IDA Program Work?
Homeownership:

You commit to depositing cash weekly or monthly in a bank account. You save $2,000 in 3 years or less, Springfield Partners will match $4,000.

Education or Business:

You commit to depositing cash weekly or monthly in a bank account. You save $1,000 in 3 years or less, Springfield Partners will match $2,000.

Youth IDA participants must complete the required number of community service hours.

All IDA participants must complete the Financial Literacy Workshop Series offered by Springfield Partners.
When will my IDA funds be released to me?
After you have participated in the program for at least 6 months, AND:
  • You've saved the agreed upon amount
  • You've completed an asset specific training program
  • You've completed the Financial Literacy Workshop Series

To enroll or for more information, please contact:
IDA Program Coordinator
E-mail: synthiam@springfieldpartnersinc.com
(413) 263-6500