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Individual Development Accounts

J.E. and familyIndividual Development Accounts (IDAs) were created to encourage savings, investment and asset accumulation among moderate income and working families. Assests-such as a home, a college education or a business – enable even low-income families to move into the economic mainstream. IDAs offered through SRH&CDC are matched 4 to 1 up to a maximum of $1,000 in personal savings. To qualify for an IDA you must

• Be at least 18 years of age
• Have earned income
• Save for at least 6  consecutive months
• Complete a 20-hour financial literacy course
• Complete an asset purchase plan

IDAs are matched savings account. People who save through an IDA can tiypically use those savings to:

• Buy a first home
• Pursue a college education
• Start or expand a small business

Accounts are limited and there is a waiting list.  Applications will be taken in the order received, with preference given to people who have completed Financial Literacy Classes. Please call 575-546-4181.