The Individual Development Account Program is a special “matched savings” program for individuals and families with limited income. It offers working families the opportunity to achieve long-term goals – specifically, home purchase, education, business start-up, or business expansion. The IDA Program assists families or individuals in Defiance, Fulton, Henry, Paulding, Williams, and Van Wert counties in establishing financial goals, saving money, and accumulating assets in order to enhance their standard of living.
How the IDA Program Works:
The IDA Program works by doubling the money you save. NOCAC will contribute two dollars for every one dollar that you deposit into a joint savings account. Currently, NOCAC can offer you the opportunity to save up to a maximum of $2,000 in your own IDA Account, and NOCAC will match it with an additional $4,000. The total $6,000 is used toward the purchase of your first home, college tuition or job training tuition, or business expenses.
For example: your $35 monthly deposit with garner you an additional $70 dollars that will be set aside to match the savings in a separate reserve account for you. This equals a total savings of $105 a month. Participants must be able to participate in the program for at least 6 months and make monthly $35 dollar deposits into their IDA Account.
In addition, the IDA Program is designed to teach you about managing money, with classes on budgeting, credit and credit repair, basic banking, and even protecting yourself from identity theft. These financial classes are an essential part of the program, and offer you free information on how to keep more money in your pocket.