INDIVIDUAL DEVELOPMENT ACCOUNTS (IDA)
An IDA is a matched-savings plan to help you reach your financial goals. For every dollar
you deposit into your account, the IDA program you are enrolled in will match it with 1, 2,
3 or 4 dollars depending on how the program is set up. For example, if your program has a
3:1 matching system and you deposit $25, the program will deposit an additional $75.
The purpose of IDA programs is to aid people who are eligible to reach specific goals
towards building assets through savings. Each IDA program is unique. However, typically,
IDA accounts are used for:
 Starting a business
 Buying a home
 Going back to school
Eligibility varies per program. However, generally you must
1. Have earned income (your deposits have to come from some form of earned
income, not from public benefits or gifts)
2. Meet the income limit established by the IDA program
3. Complete a financial literacy training
Getting Started:
 Participation in most IDA programs begins with an orientation meeting. Typically,
participants are determined to be eligible or not at these meetings.
 Once accepted into the program participants open a savings account at a bank that
is in collaboration to the IDA organization.
 You will probably sign a contract that states how much money you plan to deposit
each month.
 You will take financial literacy training at no cost. At this training you will learn
about: reducing your debt, developing a savings plan, and preparing your savings
goals.
Reaching Your Goals:
 Most IDA programs hold regular meetings to provide the participants with
opportunities to offer one-another peer support in the process.
 Once you have reached your savings goal, your IDA caseworker will confirm the
purchase or investment and the IDA savings will be released for use.
EXAMPLES OF IDAS IN NEW YORK STATE
Agency: Affordable Housing Partnership of the Capital Region
System: Matches $3 to every $1 put in a savings account - up to $7,500. Free CDTA (bus)
transit for participants in the program.
Eligibility: Maximum income of $59,280 for 1-2 people, $68,172 for 3+ people. Participants
must be approved by participating lender and save at least $20/month. Participants must
attend "Homebuyer 101" Orientation and money management workshops.
Contact:
The IDA Program
255 Orange St, Albany, NY 12210
Ph: (518) 434-1730
Agency: The Housing Council
System: A customer must commit to saving $1,875, which will be matched at a 4:1 ratio.
The Federal Home Loan Bank will match their savings with $7,500; the total the customer
will have for down-payment and closing cost will be $9,375.
Eligibility: A customer must commit to saving $1,875, which will be matched at a 4:1 ratio.
The Federal Home Loan Bank will match their savings with $7,500; the total the customer
will have for down-payment and closing cost will be $9,375.
The below income chart is based on the area median income. Income cannot exceed the
stated amount per household.
Income Guidelines 2009:
Households of 1 and 2 - Maximum Allowable Income $54,320
Households of 3 or more - Maximum Allowable Income $62,468
Contact:
75 College Ave, Suite 412, Rochester, NY 14607
Ph: 585-546-3700
Agency: Syracuse Cooperative Federal Credit Union
System: Matched Savings Account for First Time Homebuyers. This program requires a
commitment to saving at least $20 per month.
Eligibility:
 Being eligible for TANF(Temporary Assistance to Needy Families)
 (OR) qualified for an Earned Income Tax Credit on my/our most recent tax return
 (OR) family/my income is within the limit as described on the list below (see website
for full chart):
$20,430 - 1 Person family; $27380 - 2 person; $34340 - 3 person; $41300 - 4 person; and
$43260 - 5 person
You may not have owned a home in the past three years.
Your household net worth must be less than $10,000. (Net worth is what you own (your
assets) minus what you owe (your debts). When calculating your household net worth for
this program, you can exclude the value of one car).
Contact:
723 Westcott Street, Syracuse, NY 13210
Ph: (315) 471-1116
Agency Name: Mount Hope Housing Company
System: Comprehensive educational system for adults with specific financial goals, such as
wanting to buy a home, start a business, or obtain post-secondary education for
themselves or their children. This is a savings and match program – each $1 saved is
matched by $2, up to $1,500 in a one to three year period, for a combined savings and
match of up to $4,500. Saving goal must be obtained between 1-3 years.
Eligibility:
 Must be Bronx residents who are currently employed or self-employed (full- or parttime) and whose household gross incomes is at or below 200% of Federal poverty
guidelines.
 Must complete a 10 hour Money Management Training
 Post-training credit counseling is required by the IDA Program.
Contact:
The IDA Program
2003-05 Walton Avenue, Bronx, NY 10453-410
718.299.7177 ext. 17; Fax 718 299 5623
Agency Name: Mount Hope - Supporting Women's Economic Development
Eligibility: Women of the Bronx who are interested in starting or expanding a small
business. SWED is composed of three tracts, (1) women who are primarily Spanishdominant speakers, (2) women who are interested in expanding or starting a childcare
business, and (3) women who are just interested in starting their own small business.
To qualify you must be a low-moderate income woman with children and want to start
your own business. You will be required to attend trainings in the evenings or Saturdays.
Contact:
Mount Hope Women’s Economic Development
2003-05 Walton Avenue, Bronx, NY 10453-410
718.299.7177 ext. 17; Fax 718 299 5623