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Individual Development Account

A savings account for persons with lower income. The funds put into an IDA are matched by a public or private organization. One may use the funds in an IDA for educational purposes, starting a business, or buying a first house. IDAs are accompanied by programs for credit improvement and other classes to help account holders move up from poverty and into the middle classes.

International Development Association

A division of the World Bank that provides long-term, interest-free loans to the world's 80 poorest countries. The IDA is responsible for poverty reduction and other aspects of international development in the Third World. Nearly half of the countries it assists are in Africa. The IDA was established in 1960; its loans assist in public health, business development, education, and infrastructure development.
References in periodicals archive ?
However, since locating its plant in Avon, the company has already expanded twice and today employs 125 workers, exceeding IDA requirements.
This is an immediate economic stimulus package that would generate $70 million in state revenue at a time when it's needed most and at no cost to taxpayers," said Steve Hyde, President and CEO, Genesee County Economic Development Center, the local IDA for Genesee County.
66) The American Dream Demonstration, a project of the Corporation for Enterprise Development, is "the first large-scale test of IDAs as a social and economic development tool for low-income communities.
Based on the success of early IDA efforts, advocates propose expanding opportunities to participate in IDAs to a greater number of individuals.
In each case, the MPO is using the IDAS software to analyze a transportation improvement(s) that is currently being planned in their region.
The Pima Association of Governments (PAG), which began working with the IDAS team in November 1998, was the first MPO to test the software.
Accompanying the matched savings element of IDA programs are mandatory financial education classes that help participants understand budgeting and money management, credit card debt and earned income tax credits.
The classes are a required element of IDA programs and are considered vital in assisting program participants in their journey toward economic self-sufficiency.
This on-line capability provides a more efficient means for bringing the valuable IDA program to full scale and ensuring its long-term success.
The legislation would authorize more than $450M in tax credits to financial institutions as reimbursement for providing IDA match funds and administrative services.
So far, 29 states, not including Louisiana, and the District of Columbia have passed legislation to support IDAs, according to the CFED.
Based on the report, the Committee determined that the existing IDA requirements, which had been in place since 2007, should be updated to address independent donor advocate teams and to provide guidance on IDA and IDA team roles and responsibilities.