What are IDAs?
Individual Development accounts are an asset building strategy for Individuals and families. IDAs are matched savings accounts for low-income working families. IDAs can be used by low to moderate-income people to pay for job training or education, buy a first home or start their own business. By matching the money saved at ratios of 1:1 to 3:1, individuals and families increase their money, giving them not only an incentive to save, but also an opportunity to purchase assets otherwise inaccessible to them. IDAs give program participants a structured mechanism by which to save for long-term wealth and asset accumulation.
