Individual Development Account
What is an Individual Development Account (IDAs)?
IDAs are matched savings accounts designed to help low-income families make an investment in homeownership, education or business.
How much do I have to save and what is the match?
Families make an average deposit of $20.00 into their account each month and save a minimum of $1,000. IDA’s are matched 2:1 for post-secondary education/trade school, 2:1 for business/entrepreneurship (expansion or business start-up) and 3:1 match for homeownership (minor home and energy efficient repairs and upgrades).
What other services do I received if I am working on the IDA match savings program?
Financial Education: Families receive Financial Capability and planning skills necessary to make the most of their income, savings and assets.
Credit Counseling: Participants who have credit issues can get credit repair counseling to help them improve their credit report and prepare for their asset purchase.
Small Business Assistance: Participants who want to start small businesses will receive training to acquire necessary business skills, develop a business plan, and access financing.
Home Ownership Preparation and Assistance: The program will leverage the resources of a number of non-profit agencies that provide free counseling to take participants step-by-step through the home buying process.
Education and Training Resources: Through the program participants will be given the guidance needed to develop a career plan to move toward greater job satisfaction and economic self-sufficiency.
How can I get started?
For information on IDAs in Michigan please visit the Michigan IDA Partnership or contact:
Michigan IDA Partnership
c/o Oakland Livingston Human Service Agency
196 Cesar E. Chavez Avenue
Pontiac, MI 48343
Phone contact 248-209-2691
Email contact: firstname.lastname@example.org