IDAs are special dedicated savings accounts for people who meet the eligibility criteria. To help meet goals more quickly, every dollar deposited will be matched at a 2:1 rate when the program is completed.
Example:
If you started an IDA program and once a month, deposited $20.00 into
your account. The CAC will match $40.00 through a grant
program. With the 2:1 match, in three years you would have a
savings plan worth $2,160, plus interest.
It's as easy as starting your own savings account with one great difference:
You earn $2 for every $1 you save!
$$$ For your Future $$$
IDAs are special. The money that builds up in them can only be used for three things:
- For continuing your education or training
- For buying a home
- For starting a new business or improving an existing small business
Have you ever dreamed of owning a home continuing your education, or starting a business?
We can help!
What happens when you join IDA?
It's as easy as starting your own savings
account, with one
great difference: You earn $2 or $3 for every $1 you save.
As an IDA Saver you will:
-Open
an Individual Development Account
This special account matches your savings dollar at a
2:1 rate
for a home, a small business, or continuing your education or training.
-Improve
your money management skills
Take part in seminars to learn about setting goals, budgeting,
improving credit and using financial services.
-Network
with Others
Trade saving tips, meet new friends and receive one-on-one
support when needed.
IDA Guidelines
Who is
eligible?
-You must be a resident of Hancock, Hardin,
Wyandot or Putnam county.
-You must be age 18 or older.
-Provide proof of earned income.
Financial
Guidelines
200% of Federal Poverty Guidelines
Size of Family
Unit
Maximum Annual Income
1
$21,660
2
$29,140
3
$36,620
4
$44,100
5
$51,580
6
$59,060
7
$66,540
8
$74,020
For each additional family member add $7,480
How
do you
Enroll?
-As and IDA Applicant you will meet with an IDA Caseworker at the HHWP
CAC, 122 Jefferson Street, Findlay, Ohio.
-After completing an application, you will meet with the IDA
Caseworker to evaluate goals and progress in the program.
Once you are accepted...
-You will meet for an orientation to
learn about the
structure and benefits of the program
-You will learn about opening and maintaining your IDA account,
receiving matching funds, making withdrawals, etc.
-You must attend economic literacy classes and be involved in planning
your specific program.
-You will sign an agreement detailing the obligations and
responsibilities of both parties.
-You will be more comfortable handling unexpected situations that arise.
Then an asset can be purchased at the end of the savings program.
For more information
contact:
Cindy Robinett
IDA Manager
HHWP-CAC
122 Jefferson Street
Findlay, OH
Phone: (419) 423-3755 or (800)
423-4304
Fax: (419) 422-3996