Individual Development Accounts

What is an Individual Development Account?

  • An IDA is a match asset building program that helps you achieve your goals.

What can I use an IDA for?

  • Every dollar you save can go towards the purchase of your first home, attending college, starting or recapitalizing a small business, and home repairs.

Are there income guidelines?


Family size Income amount
1 $23,340
2 $31,460
3 $39,580
4 $47,700
5 $55,820
6 $63,940
7 $72,060
8 $80,180






How do I apply?

You can either print it out and mail it to us or save and email it to

What would I be required to do after I submit my application?

  • While you are waiting for your application to be processed, start collecting all of the required documents by clicking here: checklist

How much do I need to save each month?

  • Save as much as your budget will allow you.
  • Save a minimum of $25.00 per month

What happens if I miss a deposit a month?

  • You will receive a letter acknowledging any missed deposit as a warning. If you think you might not be able to make a deposit contact the IDA coordinator preferably two weeks before the end of the month; you must make up missed deposits immediately.

After I meet my savings goal how much time do I have to spend my money?

  • There is a 3 to 6 month minimum waiting period before funds can be spent or disbursed and all assets specific training class must be attended, classes depend on your initial savings goal, and your match funds should be spent 12 months from the day you open your savings account.

When should I start my IDA if I am planning to use it for school?

  • A minimum of three month prior to the date of your school bill being due.

What can I spend my money on?

  • For education you may apply your money to the outstanding balance of your tuition, books, computers, or school supplies. (must be paid directly to the post-secondary school)
  • Homeownership- homeowners insurance, down payment or closing cost, or anything to obtain your new home purchase.
  • Small business- the money can go towards anything pertaining to the business.
  • Home repairs- any home repair purchases must be for permanent improvements to the home.

.  What if I have an emergency and I need to withdraw from my IDA?

  • You may withdraw from your IDA account if you have had a life changing event happen. Example being, lost your job or unexpected medical expenses.

Can I do two IDA’s at one time?

  • Yes, but they must be two different goals. Example one for homeownership and education.

Can more than one person in my household have an IDA account?

  • Yes, as long as both family members qualify.

How will the money be disbursed to me when I have completed all requirements?

  • Money is disbursed through check only, checks are made to the company you are purchasing from depending on your initial goal in the program. More details will be given during appointment. No checks will be made to you and no reimbursements will be allowed.


For additional information on the IDA Program please contact Kate Porter at 479-784-9298 or email kporter@cscdccaa,org