Individual Development Accounts (IDAs) are a proven method for building assets in low income families. The IDA is a matched savings account that offers low-income workers the opportunity to open a savings account that can be used for higher education or the purchase of a first home.
WACA’s IDA program supports low-income individuals in Yuma County who want to go to college or purchase a first home by matching every dollar saved in an IDA account with $3. WACA also helps participants save by providing free financial planning courses and financial counseling along the way.
Eligibility Requirements
- At least 16 years of age
- Participant must have some source of earned income
- Participant’s household net worth must be less than $10,000 (excluding one car and one home)
- Participant’s household income must be at or below 200% of Federal Poverty level
- Yuma County resident
How Does It Work?
- After completing an application and enrolling in the program, Participants will open a no-fee savings account at one of our partner institutions, with a minimum $25 deposit.
- Participants must save for at least 6 months.
- Participants must make minimum deposits into their account every month.
- An Action Plan will be developed identifying steps to help a Participant become ready to start school or purchase their first home. We will keep in touch on a monthly basis to ensure the Participant is meeting their Action Plan goals.
- Every Participant will attend workshops on how to purchase a home (if saving for homeownership) and how to develop their financial skills.
- Upon reaching their savings goals, Participants receive a 3 to 1 match for every dollar saved. WACA will pay the match funds directly to the school or title company.
Risk Free!
- No Penalty for Early Exit
- Unlimited Financial Counseling available for participants
- Free Financial Capabilities and certified 8-Hour Pre-Purchase classes
For More Information
Learn how an IDA can help you save money and reach your goal of going back to school or buying a home! Contact us at 928-217-7156 or email at: BobbiF@wacog.com.
To complete an application, download and complete the IDA Application Packet and call or email us to schedule your appointment.
