Individual Development Accounts (IDAs) are matched savings accounts that enable low-income families to save, build assets, and enter the financial mainstream. IDAs reward the monthly savings of working-poor families who are building towards:
Buying a Home
Starting or Expanding a Business
IDAs make it possible for low-income families to build the financial assets they need to achieve the American Dream.
The maximum amount that can be matched for each participant is $1,000.00. The IDA Program matches it with $2,000 federal match and $2,000 local match, so that the participant has a total of $5,000 with which to purchase an asset. In addition, participants are required to attend and complete ten workshops: five financial literacy workshops and five workshops geared to their asset goal. The IDA is not a loan, and never has to be paid back.
Participants must have earned income.
Participants must be a resident of San Bernardino County
Individuals must meet income and net worth guidelines:
1. Prior year net worth must not exceed $11,750 excluding the primary residence and one vehicle
2. Income less than 200% Federal Poverty guideline or EITC (Earned Income Tax Credit) guidelines
Requirements to Complete IDA
Participants must complete 10 workshops:
5-Financial literacy classes
5-Specific to the Asset goal
Save a minimum of $25.00 per month.
For a complete listing of available courses click here.
In The Spotlight
For more information, contact us:
IDA (909) 723-1571
Monday- Friday 8:00 a.m. to 5:00 p.m