IDA Saving Programs
Recently a few of my clients have been part of the IDA program and used funds to purchase their First Home. This program is fantastic as it enables people to save and ultimately become home owners.
“IDAs are restricted savings accounts used solely for the purpose of investing in qualified assets, such as a home, post-secondary education, or a small business. IDA programs match the IDA savings of low-income account holders from earned income. Funds are provided by both public and private organizations. The programs require commitments from 1 year to 3 years.” Read More…
“IDAs are matched savings accounts that enable low-income American families to save, build assets, and enter the financial mainstream. IDAs supplement the savings of low-income households with matching funds. Supported with financial literacy training, IDA programs are an innovative anti-poverty tool that demonstrates an asset-based approach to helping low-income families and individuals break the cycle of poverty. Participants of DHCD’s IDA program can use these savings accounts for the purchase of a first home, small business capitalization, and post-secondary education and/or training.”
