MSHDA Individual Development Account Program (IDA)

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: