What is an Individual Development Account (IDA)?
An Individual Development Account, also known as an “IDA,” is a savings account for low-income workers that can be used for small-business development, higher education, or the purchase of a first home. Each time you make a deposit, the IDA program contributes an additional deposit called a “match.” Most IDA programs have a match of one to four times the size of the deposit you make. So for an IDA with a 2:1 match, each time you deposit $25, you get an additional $50 toward your savings goal.
Related Questions
- Is it possible to combine subsidy programs, such as an Individual Development Account (IDA) Program for down payment assistance with any of the home loans designated for teachers?
- Can I qualify for an Individual Development Account (IDA) while receiving Supplemental Security Income (SSI) or Medi-Cal benefits?
- Can I qualify for an Individual Development Account (IDA) while I am eligible for Social Security Disability Insurance (SSDI)?
