Individual Development Accounts (IDAs)
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.