Individual Development Accounts (IDAs)
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.
Individual Development Accounts (IDAs) provides residents of Hampden County with matched savings accounts that double participants' savings at a 1:2 ratio, up to $4000. IDA participants can save for a down payment on a home, college or post-secondary school tuition, or to start a business.
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.
In just a year, 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.