What is the process for participating in an Individual Development Account (IDA) program?
First, you need to determine whether or not you want to pursue an IDA and what your goal is. Then, you will need to locate a program in your area. You can use the IDA Directory at www.idanetwork.org to find one near you. Next, you will need to attend an orientation meeting to find out about the program and verify your eligibility. Once accepted into the program you will open a savings account at a bank that is tied to the IDA organization. When you have reached your savings goal, you’ll be allowed to start withdrawing money from the account to spend on your goal.
