An IDA is a matched savings account designed to help families and individuals of modest means on their path to building wealth. IDAs reward savers who are trying to build assets. A participant’s individual savings and match funds are used towards buying a home, investing in a business or going to school.
Most people need more than just cash to become successful. For this reason, CFRC offers: (5) 2-hour money management workshops; 8-hour homebuyer workshops; 6-hour small business development training sessions; and 6-hour education workshops. We also offer quarterly Savers’ Club meetings to re-emphasize the topics covered in the money management workshops.
How does it work?
The IDA program participants make a 1 or 2 year commitment to deposit a minimum of $84 per month into an IDA savings account. For every dollar participants save, they receive a $2.50 in matching funds (matching only on the first $1,000 saved by each participant), which would give them up to $3,500 at the end of the program year. Once a participant has met the savings goal, he or she may withdraw money to make purchases to invest in a business, buy a home or go to school.
Who is eligible for this program?
Individuals who meet the following criteria:
- Annual earnings must not exceed 200-percent of the poverty guidelines as published by the United States Department of Health and Human Services (2012); or
Number in Family 1 2 3 4 5 6 7 8 Yearly Income $22,340 $30,260 $38,180 $46,100 $54,020 $61,940 $69,860 $77,780
- Annual income cannot exceed the amount to receive assistance under Temporary Assistance for Needy Families (TANF); or
- Your total earned income does not exceed the amount to quality for the Earned Income Tax Credit (EITC). If you filed single or married couple on your last year’s Federal Tax Return:
Single Married Couple Filing Jointly No Qualifying Children $13,660 $18,740 One Qualifying Child $36,052 $41,142 Two Qualifying Children $40,964 $46,044 Three or More Qualified Children $43,998 $49,078
- You must have a valid social security or Individual Tax Identification Number (ITIN);
- You must be at least 18 years old;
- You must reside in the County of Los Angeles.
A federally funded evaluation is being conducted to determine how the individual development account (IDA) program at CFRC helps people save and build assets. There will be more applicants than spaces available in the IDA program. Program spaces will be filled on a lottery basis, with individuals selected randomly to enter the program from among those who are eligible and agree to participate in the study. Those not selected in the lottery will have access to most other services offered by CFRC.
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You must attend an orientation session at CFRC. Within 14 days of submitting an application, each applicant will be notified as to whether or not they are accepted into the program. Please contact Veronica Lopez; see contact information below.