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Individual Development Account (IDA) Program
This program is available in Jackson, Lenawee and Hillsdale Counties. |
| Individual Development Accounts (IDAs) at a glance: |
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Individual Development Accounts are matched savings accounts that can be used to buy a house, start a small business or continue education after high school. Participants can save up to $1,000 that will be matched with $3,000 for homeownership and $2,000 for business or education. Below is a quick snapshot of the program requirements:
Available in Jackson, Lenawee and Hillsdale Counties
Matched Savings Program for asset development
Savings can be used to purchase home (first time buyer), go back to school (post-secondary ed), start/expand small business
Participants must save a minimum of $20 per month in a joint account with CAA as co-signer (no withdrawals without agency staff signature)
Accounts are held at American 1 Federal Credit Union in Jackson and Hillsdale Counties and TLC Credit Union in Lenawee County
Match rates – Home $3: $1, School and Business $2: $1
Maximum amount to be matched is $1000
Time frame of participation – minimum 6 months, maximum 3 years
Education Requirements: All participants attend Financial Management (7 classes), Home purchase attends homeownership training, small business works to develop a business plan, and education works with IDA manager to complete education plan
Willingness to address credit issues crucial for participation
Assets can be purchased anywhere – does not have to be a specific city or even Michigan
Match money never goes to participant – check is written directly to vendor (title company, business supply company, etc.) |
| Who is eligible? |
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Adults age 18 or older
One adult in the household must have earned income (wages from employment)
Must be at or below 200% of poverty guideline (in the 12 months prior to application)*
Contact Information:
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*Income Guidelines
Family Size Income
1 $21,660
2 $29,140
3 $36,620
4 $44,100
5 $51,580
6 $59,060 |
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