OCDCA is pleased to announce that we were awarded our 7th demonstration grant from the US Department of Health and Human Services Office of Community Services for our Assets Ohio IDA Project. We are pleased to continue partnering with our many sub-sites for this next round of funding.
Individual development accounts (IDAs) are matched savings accounts for low-to-moderate income individuals. Eligible individuals with earned income at or below 200% of the poverty level can deposit a portion of their earnings into an IDA savings account. When they reach their goal, the savings will be matched for down payment on a home, tuition assistance or start up funds for a micro-enterprise. Savings match ranges from 2:1 to 8:1; so for every $1 they save, they will receive at least $2.
One of Assets Ohio IDA sub-sites is the Community Action Organization of Delaware, Madison, Union Counties. They frequently partner with their local Habitat for Humanity affiliate. This collaboration fosters many more success stories, like Kiana’s.
“Kiana has rented an apartment for many years and finally decided it was time to make a change. In 2014, she made contact with Habitat for Humanity in Delaware County and made the courageous decision to buy a house. During this process, Habitat for Humanity referred Kiana to Community Action to get information about the Individual Development Account (IDA). Kiana enrolled in the IDA program in January 2015 and started saving money towards her down payment. In August, 2015 Kiana reached her IDA savings goal and received a 2:1 match towards her home purchase. On September 15, 2015, Kiana Jones closed on her new home in Delaware after completing the IDA program. Way to go Kiana!!”