Mid Central Community Action's Individual Development Account Program (IDA)
The Individual Development Account Program (IDA) is a pilot program sponsored by Mid Central Community Action. The goal is to help participants save money for the purchase of a home and gain financial literacy in the following ways:
- By becoming familiar with banks and savings accounts
- Learning budgeting
- Building assets
- Credit repair
- Homebuyer's education
- Receiving case management as needed
- Referrals and program assistance
- Receiving support and guidance
This is a two (2) year program and will include twenty (20) families or individuals. Account funds will be held at State Farm Bank (through agents in McLean and Livingston Counties).
Please note: the IDA program is currently closed to new participants. We will make an announcement on the website when the opportunity becomes available again.
Program Prerequisites:
- Income must be at or below 80% of median for each county
Income Guidelines for 2007
(subject to change)
| Maximum Annual Gross Income |
| Household Size |
McLean |
Livingston |
| 1 |
$41,150 |
$32,300 |
| 2 |
$47,050 |
$36,900 |
| 3 |
$52,900 |
$41,550 |
| 4 |
$58,800 |
$46,150 |
| 5 |
$63,500 |
$49,850 |
| 6 |
$68,200 |
$53,550 |
| 7 |
$72,900 |
$57,250 |
| 8 |
$77,600 |
$60,900 |
- Willing to participate in programs and case management
- Initial deposit of $30.00, then agree to save $10.00 per week
At the end of two years MCCA will match the participants contributions with a 2 to 1 match - for a possible total contribution by MCCA of $2,000. Match funds earned each month are not accessible until successful completion of the program. Funding is reserved for assistance with the purchase of a home. First time home buyers may also be eligible for Affordable Housing Coalition grants of $3,000 or $5,000.
For more information:
- in McLean County email: Becky or call Becky at 309-829-0691 x227
- in Livingston County email: Teri or call Teri at 815-844-3201.
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