The Individual Development Account Program (IDA) is a pilot program sponsored by Mid Central Community Action, Inc. The goal is to help participants save money, either for the purchase of a home, or to attend school, or to start a business, and to gain financial literacy in the following ways:
- By becoming familiar with banks and savings accounts
- Learn budgeting skills
- Building assets
- Credit repair
- Homebuyer’s education
- Receiving case management as needed
- Referrals and program assistance
- Receiving support and guidance
This is an eight month to two year program and will include ten families or individuals.
Program Prerequisites:
- Willing to participate in programs and case management
- Income must be at or below 200% of the poverty level, as follows
200% Income Guidelines for 2010 IDA Program
(subject to change)
| Household Size | 30 Day Income | Annual Income | ||
|
1
|
$1,805 | $21,660 | ||
|
2
|
$2,428 | $29,140 | ||
|
3
|
$3,051 | $36,620 | ||
|
4
|
$3,675 | $44,100 | ||
|
5
|
$4,298 | $51,580 | ||
|
6
|
$4,921 | $59,060 | ||
|
7
|
$5,545 | $66,540 | ||
|
8
|
$6,168 | $74,020 | ||
For households with more than eight (8) residents, please add $623 (30 Day Income), or $7,480 (Annual Income) for each additional person
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. 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) 834-9227
OR email: Megan or call Megan at (309) 834-9224
- in Livingston County email: Teri or call Teri at (815) 844-3201.
