Nutz & Boltz of IDAs training held in Columbus

Today we welcomed a sizable twenty plus group to our downtown office to teach them the nutz and boltz about individual development accounts (IDAs).

Jerolyn speaking

IDAs are matched savings accounts for low-to-moderate income individuals to save for a first-time home purchase, start-up or expansion of a small business, or postsecondary education. The participant savers must have earned income and deposit a pre-determined portion of that income into a designated IDA. When the savings goal is made, the saver receives a 2:1 to 8:1 match (half of the match funds come from the Department of Health and Human Services, Assets for Independence money and the other half from a non-federal match).

Break out group 2

Nutz & Boltz of IDAs is a twice-held per year training that was created in-house to teach interested organizations the basics of operating an IDA program for their clients. OCDCA has managed a network IDA project since 1999, sub-granting over $4,019,367 throughout the state of Ohio so LMI families can save for asset purchases.

Break out group 1

For more information about the Ohio CDC Association’s IDA Project, please contact Suzanne Parks at (614) 461-6392 ext. 206.

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