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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 or come to one of our monthly IDA orientation sessions. 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. CAAB hosts IDA orientation sessions on the third Wednesday of each month from 6:30 to 8:00 p.m. in our offices. For more information about the IDA Program or to register for an orientation session call 202-419-1440 or e-mail ida@caab.org.
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