Are withdrawals from the IDA savings accounts allowed?
Because IDAs are intended to help people purchase a home, withdrawals for non-asset uses are prohibited except in certain emergency situations. Emergency situations include and are restricted to the following: • Expenses for medical care or necessary to obtain medical care for the participant or a spouse or dependent of the participant. • Payments necessary to prevent eviction of the participant from, or foreclosure on the mortgage for, the principal resident of the participant. • Payments necessary to enable the participant to meet the necessary living expenses such as food, clothing, shelter, and utilities following loss of employment. Such withdrawals would not include savings matches. At any time, participants have the right to close their accounts, withdraw from the IDA program and receive all of their deposited savings and earned interest (excluding the savings match money). Please note that for all withdrawals, participants must contact their IDA case manager and fill out the re
