Individual Development Accounts (IDA)

The Individual Development Account (IDA) program seeks to help individuals and families with incomes at or below 200% of the federal poverty level become economically self sufficient by enabling them to accumulate assets for long term goals, such as home ownership, small business development or expansion, secondary education or job training.

Household size and income for previous 12 months cannot exceed:

1 - $20420	2 - $27,380	3 - $34,380

4 - $41,300	5 - $48,260

For each additional person add $6,960

How does an IDA account work?

An IDA account is an interest bearing savings account for those who have earned income that is 200% of the poverty level. By saving in an IDA account a participant's money is matched with donations. Typically IDA accounts can be used to buy a house, pay for secondary education or start a small business.

How does the matched donation work?

If a participant chooses home purchase as his goal, for example, there is a 3:1 match for his savings. If a participant chooses secondary education or business startup there is a   2:1 match for his savings. The minimum monthly required amount a participant must save is $20.

Is there a limit to how much can be saved?

No, there is no limit on the amount a participant can save. However, there is a limit on how much of the savings can be matched. The maximum a participant can save that will be matched is $1000.00. For example, a participant saving for a home purchase could save $1000.00  and receive the 3:1 match and have $4000.00 in his IDA account to use towards the purchase of a home! A participant may save more than $1000.00, however, only the $1000.00 will be matched.

Where does the matched donation come from?

Matched dollars for IDAs come from different places such as government agencies, private companies, churches or local charities.

Can I open an IDA account at any bank?

No. Only banks partnering with CNH in the IDA program offer IDA accounts. An IDA account can only be obtained through CNH's IDA program.

How do I know if I qualify for and IDA program?

Contact any one of CNH's Housing Counselors and ask about the IDA program. A counselor will be happy to assist you in applying so we can determine whether or not you qualify for the program.

Contact a housing counselor about the IDA program by clicking here.