Since 2008, Share has enrolled 147 participants in our Individual Development Accounts Program, 54 of whom are still currently in the program; 45 have graduated and made purchases (21 purchased a home, 5 started a business, 6 pursued education, 11 purchased a vehicle, and 2 purchased a computer).
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 or pursuing higher education. 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 the purchase of a home, to start a business, or to pursue higher education. The program provides a 2:1 match to put toward these assets.
(Note: Federal funds for the IDA Program are received from Assets for Independence (AFI) and local County dollars via a grant from the Clark County Dept. of Community Services.)
How the program works:
• To qualify for the program, applicants must have earned income at 200% of the Federal Poverty Level or below.
• 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.
• 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, 2306 NE Andresen Road, Vancouver WA 98661.
Additional program restrictions apply. To see if the IDA Program is right for you, contact: Laryn Dole, IDA Program/ASPIRE Case Manager, (360) 952-8204 or email@example.com.
A grant from Assets for Independence (AFI), a program of the U.S. Department of Health and Human Services, funds approximately 50 percent ($500,000) of costs for Share’s IDA program. The remaining 50% ($500,000) is funded through non-Federal sources. Visit the AFI Resource Center website to learn more about the program and about helping families to build assets: www.idaresources.org.
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.