INDIVIDUAL DEVELOPMENT ACCOUNT (IDA)

EDUCATION TRACK

IDA’s will be paid directly to an accredited institution of higher education (trade, college or university) for the individual or the dependent of the individual.

ELIGIBILITY & REQUIREMENTS

  • Within income guidelines

# in HH   Annual Income 

1               $20,108
2               $27,143
3               $34,178
4               $41,213

  • Has GED, High School Diploma or taken assessment for GED.
  • Financial Literacy course completed in 1 year.
  • Continue Financial Literacy sessions (at least 1 each year beginning in year 2)
  • Complete track related training.

 

HouseHOME OWNERSHIP TRACK

IDA’s will be paid to the lending source for down payment and closing cost to purchase a primary residence for the individual.

ELIGIBILITY & REQUIREMENTS

  • Income meets guidelines (see Income chart)
  • Job stability
  • Attend orientation class
  • Complete financial literacy class in first year
  • Complete home ownership class
  • work to repair credit (on-going)
  • Maintain employment
  • Complete track related training

SMALL BUSINESS TRACK

IDA’s will be released to purchase or start a business which meets criteria. Can not be used to liquidate debt owed on current business.Can be used to purchase equipment if related to business.

ELIGIBILITY AND REQUIREMENTS

  • Income meets guidelines (see Income chart)
  • Attend orientation class
  • Complete Financial Literacy class in first year
  • Complete Small Business Course with Neighborhood Economic Development Center (NEDC) to develop business plan
  • Develop list of assets and liabilities personally and for the business
  • Complete track related training

For More Information Contact:

Sandra Thompson
Phone: 812-492-3958