Individual Development Account (IDA)

Individual Development Accounts (IDAs) create saving opportunities for low income individuals and families. They are interest bearing savings accounts that use matching deposits from community based and nonprofit organizations. IDAs are primarily created for the purchase of a first home, higher education, or small business development. Financial literacy for account holders is one of the core elements of an IDA program. Other elements of the program typically consist of an introduction to the importance of asset building, asset more people including youth with disabilities.

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