Individual Development Accounts

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    Taxonomy Code: TB-0700.2100-330

    Organizations that provide access to an asset building tool that is designed to enable low-income families to save towards a targeted amount, usually used for building assets in the form of home ownership, post-secondary education and small business ownership. States are authorized by the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 to create community-based IDA programs with TANF block grant funds, and to disregard all money saved in IDAs when determining eligibility for means tested government assistance. Although the program requirements vary from state to state, most are offered through a collaboration of organizations in a community including nonprofit organizations which recruit participants and provide financial planning services, banks or credit unions which provide matching funds (usually one or two dollars for every dollar saved), and foundations, state or federal government which provide financial support for the matching funds. The latter are also known as "matched savings accounts".

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    There are 8 matching records.
    Service NameDescriptionLocationProgramAgency
    AchieveAbility Individual Development Accounts Main SiteThe program is designed to help economically disadvantaged students acquire assets by helping them to establish a pattern of regular saving, participating in financial literacy training and providing an incentive for saving in the form of matching monies. Also for home ownershipPhiladelphiaAchieveAbilityAchieveAbility
    Blueprints – Matched Savings AccountThis savings account program provides a $2 match for every $1 which is up to a $4,000 match for $2,000 saved. Clients must work and want to save towards first home purchase, post-secondary school costs, or small business costs.WashingtonFamily Economic SuccessBlueprints
    Ceiba - IDA Program - Philadelphia; KensingtonIDA Program provides Individual Development Accounts (IDAs) to individuals who are first time home buyers. It is a structured savings program that provides matching funds for participants who meet a savings goal and complete financial education. First time home buyers who save $2,000, complete 6 hours of financial literacy education, and participate in 5 hours of housing counseling are eligible to receive $4,000 in matching funds. Funds may be used for down payment or closing costs.PhiladelphiaCeiba - Philadelphia; KensingtonCeiba
    Montgomery County Community Action Development Commission (CADCOM) - Family Savings AccountFamily Savings Account Program Partners include: - Norristown Family Center - Montgomery County Housing Authority - Assets of Montco - PNC Bank - CADCOM - Must have a specific asset-acquiring goal for the use of the money. - Approved goals are: purchasing a home, home repairs, purchasing a car, business startup, and further education for yourself or child. - Participants have to take at least 4 of 7 approved financial education modules hosted by one of the partner agencies, arranged through CADCOM. - The maximum amount that can be saved is up to $2,000 over a two year period.MontgomeryMontgomery County Community Action Development Commission (CADCOM) - Montogomery; NorristownMontgomery County Community Action Development Commission (CADCOM)
    PathWays PA Individual Development Account (IDA)The program is designed to help economically disadvantaged students acquire assets by helping them to establish a pattern of regular saving, participating in financial literacy training and providing an incentive for saving in the form of matching monies.DelawareAdult Education ProgramPathWays PA
    Tabor Community Services - Barshinger Financial Empowerment Center - Matched Savings Accounts ProgramProvides matching funds for low- to medium-income clients who are saving for a specific asset, such as home purchase, vehicle purchase, secondary education or small business start-up. Provides a $2 match for every dollar saved, up to a maximum match of $2,000. LancasterTabor Community Services - Ann B Barshinger Financial Empowerment CenterTabor Community Services, Inc.
    Womens Opportunities Resource Center - Family Savings Account ProgramProvides entrepreneurial training, individual business assistance, incentive savings programs, and access to business and financial resources.PhiladelphiaWomen's Opportunities Resource Center - Philadelphia; Center CityWomens Opportunities Resource Center
    Womens Opportunities Resource Center Individual Development Account Program Main SiteSavings program that helps working individuals save for post-secondary education or their first home; assets that will help secure their long-term financial stability and security. By matching the investments of participants, we help them to establish a pattern of regular saving.PhiladelphiaWomen's Opportunities Resource Center - Philadelphia; Center CityWomens Opportunities Resource Center

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