Today we welcomed a sizable twenty plus group to our downtown office to teach them the nutz and boltz about individual development accounts (IDAs).
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).
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.
For more information about the Ohio CDC Association’s IDA Project, please contact Suzanne Parks at (614) 461-6392 ext. 206.