Detail Verified 3/2/2018 - Last Updated 3/2/18
An Individual Development Account (IDA) is an asset building tool designed to enable lower and moderate income families and individuals to save towards a targeted amount. These savings are extremely beneficial when used for home ownership, or restoring a home to a habitable condition.
Participants enroll through a local non-profit organization, set a goal and begin saving. Once the participant’s goal is reached and all parts of the savings plan are completed, every dollar saved by a participant is matched, typically three dollars for every one dollar saved.
To prepare for homeownership, most of these organizations require that participants enroll in a homebuyer education course. Current course offerings can be found here.