IDA - Individual Development Account

A savings account provides financial assistance that help low-income people pay for higher education, purchase homes or start small businesses.

How it works
When you have an IDA, you make deposits at a bank and receive matching funds from a Government Agency. Over time, your savings grow and you are able to afford to go to school, buy a house, or start your business.

Eligibility
You may be eligible if you are an individuals earning 200% or less of the Federal Poverty Income level.

Benefits
The IDA provides financial education, case management, homeownership counseling and other asset-goal specific training.

Requirements
If you qualify to open an IDA, you will learn about budgeting, saving and banking. In most cases, you are required to attend financial education classes.

Limitations
Your savings can be used to buy a house, pay for education or job training, or to start a small business. However, you may be limited to where you are allowed to spend your money depending on the providing organization.

Resources
Agencies - http://www.nj.gov/dca/divisions/dhcr/offices/docs/idacontact.pdf To learn more: http://cfed.org/programs/idas/