Individual Development Account


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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.
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"Effects of Individual Development Accounts on Asset Purchases and Saving Behavior: Evidence from a Controlled Experiment." Journal of Public Economics, vol.
Using individual development accounts to save for a home: Are there differences by race?
Attitudes and Saving in Individual Development Accounts: Latent Class Analysis.
Saving for post-secondary education in Individual Development Accounts. Journal of Sociology and Social Welfare 32: 139-163.
Individual Development Accounts and other strategies like microenterprise development are often paid for with a patchwork of public and private funding and managed by a hodgepodge of community nonprofits, government agencies, banks and credit unions.
(42.) See CFED.org, Individual Development Accounts FAQs, http://www.cfed.org/focus.m?parentid=31&siteid=374&id=378 [hereinafter Individual Development Accounts FAQs] (last visited Jan.
Seeing the important link between assets and financial well-being, the federal government in 1996 started to encourage Individual Development Accounts (IDAs).
The President's proposal builds on the successful model of Individual Development Accounts (IDAs), extending generous matches to all low- and moderate-income families to encourage them to develop savings and assets (The White House 2000).
9, 2014): An article in Tuesday's City/Region section on Individual Development Accounts offered by Springfield's Neighborhood Economic Development Corp.
Combining funding from a variety of sources, Fresh Ministries Individual Development Account (IDA) Partner Group enables families to build wealth and strive for economic independence.
When poor workers manage to save part of their income through an individual development account, their funds are matched by private and public donations.
The asset-building idea that has gone farthest politically and has the greatest bipartisan support is the Individual Development Account (IDA), a subsidized savings account.

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