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Individual Development Accounts (IDA)

The Individual Development Accounts (IDA) program was established at the Division of Community Action Agencies in 2009 to encourage low-income working Iowans to establish savings accounts for long-term asset development that lead to family self-sufficiency. Participants can qualify for up to $2,000 in state matching funds to pay for higher education, job training, purchase a home, start a small business, pay for emergency medical costs, pay for an automobile, or purchase assistive technology for a family member with a disability. Savers must also participate in financial education courses and asset-specific education.

Participants must make regular deposits with earned income to their IDA. Each dollar saved is matched with contributions from the operating organization (private sector), the state IDA program, or federal IDA funds.

The Iowa Credit Union Foundation’s Credit Union Family Partnership Individual Development Account Program offers matched savings accounts for Iowa families with limited resources who meet income-based criteria.

For more information regarding Iowa’s IDA program, please contact the Iowa Credit Union Foundation.