Individual Development Accounts
The Individual Development Account Program (IDA) is 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:
- becoming familiar with banks and savings accounts
- learning budgeting skills
- building assets
- credit repair
- home buyer’s education
- receiving case management as needed
- referrals and program assistance
- receiving support and guidance
This is a two year program (housing or small business) or a one year program (education or small business) and will include ten families or individuals.
Accounts may be held at any bank or credit union of the participant’s choosing.
MCCA will match participant’s savings up to $1,000 for two years savings and up to $500 for one year savings with a 2:1 match. For example, MCCA will match the participant’s $1,000 savings with a 2-1 match – for a total of $3,000 (two year program). The match is earned each month, but is not accessible until the successful completion of the program. If buying a home, the participant may also be eligible for a grant of $3,000 or $5,ooo through MCCA’s downpayment assistance program.
Program Prerequisites:
- Willing to participate in programs and case management
- Make an initial deposit of $40 and agree to save $10 per week for the duration of participation period.
- Money is to be spent on the purchase of a home, education or small business.
- 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.
You can download an application form here IDA Application 2010 (.pdf)
For more information:
- in McLean County email: Todd or call Todd at (309) 834-9242
OR email: Megan or call Megan at (309) 834-9224
OR email: Becky or call Becky at (309) 834 9243
- in Livingston County email: Teri or call Teri at (815) 844-3201.
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