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Individual Development AccountsWhat they areIndividual Development Accounts (IDAs) are matched savings accounts that help low-income families move towards self-sufficiency and long-term prosperity. Account holders take money management and asset training classes while saving to buy a first home, start a small business, or pay for postsecondary education or job training. Similar to 401(k)s, IDAs make it easier for low-income families to build the financial assets that they need to achieve the American Dream. Who qualifiesTo qualify for a CAAB IDA you must have earned income yourself and your total household income (adjusted gross income) cannot exceed the limit identified below. Your household includes all adults and children who live together and share expenses—related or unrelated. Child support payments should not be included in your household income. For more information about CAAB IDAs, e-mail ida@caab.org. Note: Earned Income Tax Credit (EITC) recipients automatically qualify for the CAAB IDA program. CAAB Income Guidelines for Participating in an IDA Program:
Other eligibility criteria:
How they workDC residents who meet the eligibility guidelines may be eligible to open an IDA with CAAB and receive a 3:1 match on up to $1,000 of personal savings, for a total of $4,000 that can be invested in higher education, a small business, or purchase of a first home. View CAAB's IDA Brochure and information for prospective applicants. Adobe Reader is required to view these files. If you are interested in the IDA program and meet the program eligibility requirements, you must first attend an Orientation session at CAAB. Orientation classes are free of charge. To register call 202-419-1440 or email ida@caab.org with your name, address, phone number, where you heard about CAAB, and what asset you would like to use the IDA towards. Orientation sessions are held at 1801 K St NW, Suite M100 (metro stops Farragut North and Farragut West). Please arrive 15 minutes early; the Orientation will start promptly and the doors will be locked. Additionally, at the same time you register for the Orientation you must also sign up for the next Money Management 101 class. If you have any questions, please contact Savings Program Associate Miriam Savad at msavad@caab.org or 202-419-1440 x 102.
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