Share IDA Program
Over the past two years, 27 people have graduated from the IDA program, including 14 who purchased their first home.
Saving money for future needs can be difficult for people struggling to keep up with daily living expenses and current bills. While there are many helpful programs that put food on the table or cover immediate needs, they don’t move people out of poverty.
Share’s Individual Development Account (IDA) Program is designed to help people save money for a future asset – like a down payment on a home, starting a business, pursuing higher education or purchasing a car or computer. And asset accumulation can help people move out of poverty.
What is an Individual Development Account (IDA)?
IDAs are bank savings accounts for a future asset. Participants, over the course of two years, will save up to $2,000 to be used as a down payment on a home, to start a business, pursue higher education, or to purchase a car or computer.
The program provides a 2:1 match for home, business and education and a 1:1 match for car or computer purchase. (Federal funds for the IDA Program are received from Wash. State Dept. of
Commerce and local County dollars via a grant from the Clark County Dept. of Community Services.)
How the program works:
• Applicants who meet income requirements agree to deposit a certain amount of money every month in a restricted savings account. For every dollar the participant deposits, Share will match their deposit with one or two dollars dependent upon their asset choice.
• Participants must make consistent monthly deposits, for at least six months or for up to two years, in order to complete the program. For a 2:1 match, you can put this savings and match, totaling $6,000, towards a home, small business, or secondary education. For a 1:1 asset goal, Share will match every dollar with one dollar and you can purchase a computer or a car for a total of $4,000.
• There are ten hours of financial education required for program completion and specific asset education that will need to be completed by the end of the program.
Individual Development Account (IDA) Program Application
Return complete applications to: Share, ATTN: IDA Program, P.O. Box 1209 Vancouver WA 98666
Additional program restrictions apply. To see if the IDA Program is right for you, contact: Aimee Hamilton, IDA Program/ASPIRE Case Manager, (360) 448-2121 ext. 302.
The Clark County Asset Building Coalition
The Clark County Asset Building Coalition is a group of non-profit organizations, private market financial institutions and local government agencies in Clark County dedicated to financially preparing people to succeed by offering education and tools for the purpose of building assets. The coalition is currently coordinated by Share. Learn more by clicking here.
Learn about simple ways you can help make a real difference in people’s lives.
