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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. At this time, we have completely allocated our IDA matching funds and so are not accepting new applications. Once you have reviewed the program eligibility requirements, please send an email to 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. We will then add you to our list of interested applicants and notify you when we have reopened enrollment.
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Capital Area Asset Builders, CFC#57599 |
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