Individual Development Account

(redirected from Individual Development Accounts)
Also found in: Wikipedia.

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.
Mentioned in ?
References in periodicals archive ?
Of the numerous OCCH Resident Development Fund projects funded during the study, seven were structured around the implementation of Individual Development Accounts (IDAs) as conceptualized by Sherraden (1991).
Including my own background, the team presently has well over 100 years of combined experience in various specialties such as lending, micro-enterprise, small business incubators, investments, tax credits, rural development, Community Development Financial Institutions (CDFIs), Community Development Corporations (CDCs), subprime and predatory lending, Individual Development Accounts (IDAs), consumer compliance laws, urban planning, government programs, public policy, and Hispanic initiatives.
Policies to enhance financial assets could include individual development accounts (IDAs): dedicated savings accounts containing deposits made by low-income account holders and matched by private or public sources.
Some states are using federal and state welfare funds for a broad range of programs that serve low-income families in new ways--job retention services, domestic violence training for caseworkers, individual development accounts for further education and training, family support services, alcohol and drug treatment, and kinship care programs.
In their paper entitled "Why should postsecondary institutions consider partnering to offer (Individual Development Accounts (IDAs)?" the authors reviewed frequently asked questions they encountered from higher education professionals about IDAs, but as their research continued so did the questions.
The city will also link VITA customers with services that help residents build assets, such as Individual Development Accounts.
The Assets for Independence (AFI) Program, administered through the Department of Human Services Administration for Families and Children, has grants available for organizations interested in helping low-income people becoming economically self-sufficient through financial literacy and Individual Development Accounts (IDAs).
CFED, a nonprofit founded in 1979 as the Corporation for Enterprise Development, has spent years pushing the spread of individual development accounts (IDAs) for low-income families.
The following programs are among noteworthy asset accumulation programs: (1) the federal Assets for Independence Demonstration Program, which encourages low-income individuals to accumulate assets by matching individuals' savings with federal and private funds; (2) California's Worker Income Security Project, which offers individual development accounts and financial literacy training to low-income workers; (3) Massachusetts' Full Employment Program, which allows welfare-to-work clients to build savings by depositing $1 for every hour worked in their first year of employment; and (4) Oregon's program requiring employers to deposit $1 for every hour worked by their employees who are welfare-to-work clients.
AFI provides grants of up to $1,000,000 to nonprofit and government agencies that provide financial education to clients and assist them with saving money in Individual Development Accounts (IDAs) for the goal of acquiring one of three long-term assets (a first home, post-secondary education or small business capital).
Other resources that can support local economic development include foundation and corporate intermediaries, individual development accounts, and faith-based organizations.
YEF Institute staff will assist the city in promoting a number of work support programs including--job training, housing, and Individual Development Accounts (savings accounts).

Full browser ?