INDIVIDUAL DEVELOPMENT ACCOUNTS

Family Housing Advisory Services, Inc. (FHAS) administers the Individual Development Accounts (IDA's) program that gives qualified individuals and families the opportunity to add wealth to their lives in the form of assets. IDA's are matched savings accounts that are designed to help low to moderate income individuals earn assets and build wealth in the areas of:

• Post-secondary education
• Small business capitalization
• Home purchase

Individual Development Accounts (IDAs) have proven to be an excellent opportunity for many families and individuals to begin building that pathway toward financial security; through financial education, savings, appropriate incentives and the ultimate purchase of a wealth-building asset such as a home, business or post-secondary education.

How IDA'S Work!

Individual Development Accounts(IDAs) are special savings accounts that match the deposits of low- and moderate-income people. For every dollar saved in an IDA, savers receive a corresponding match which serves as both a reward and an incentive to further the saving habit. Savers agree to complete financial education classes and use their savings for an asset-building purpose – typically for post-secondary education or job training, home purchase, or to capitalize a small business. In addition to earning match dollars, savers learn about budgeting, saving and receive additional training before purchasing an asset. IDAs make it possible for individuals to build the financial assets they need to achieve the American dream.

​What are IDA's

Individual Development Accounts (IDAs) are special savings accounts that match the deposits of qualified individuals and families. For every dollar saved in an IDA, savers receive a corresponding match. Savers agree to complete financial education classes and use their savings to purchase one of the approved assets. In addition to earning matched dollars, savers learn about budgeting and saving. Savers also receive additional training before purchasing an asset. IDAs make it possible for individuals to build the financial assets they need to achieve financial stability. IDA's are offered through partnerships between financial institutions such as: banks, credit unions, community foundations, and federal funding.

​Interested in more information?

If you are interested in learning more about this program that provides a Hand Up, Not a Hand Out, contact Julia Craig @ julia@fhasinc.org