Individual Development Accounts (IDAs)
IDAs are special savings accounts which are opened by income-eligible applicants for the purposes of saving money to purchase a home, continue their education, or start a small business. IDAs are assets that families build by saving money. Once they have saved money for 6 months in the IDA, they are then eligible for a savings match of 4-to-1 (for a max of $4,000.00) to purchase a home, or 8-to1 to start a small business or continuing education (for a max of $4,000.00), through a program administered by GCCAC. They then use this asset to purchase other wealth building assets such as homes, an education or a business. The amount of savings in an IDA is matched on a 4-to-1 basis, up to a savings total of $1,000 for purchasing a home. The amount of savings in an IDA is matched on a 8-to-1 basis, up to a savings total of $500 for continuing education or starting a small business. So, if a participant saves $1,000, that amount is matched by another $4,000 for a total amount of $5,000 at the end of a 6 month period for purchasing a home. If a participant is saving for Continuing Education or starting a Small Business, the participant saves $500 and GCCAC will match it with $4,000.00 for a total of $4,500.00. For more information, please call (301) 334-9431. Ask for the Financial Education Counselor.
Did you know?
IDA savers are 35% more likely to own a home, nearly twice as likely to attend college, and 84% more likely to own a business.
More than half of program graduates who previously received public assistance no longer receive assistance after completing the program.
Prior to enrollment, 90% of IDA savers did not use direct deposit and more than half did not have a savings account
Children of parents in IDA programs also developed and maintained savings patterns.