An Individual Development Account (IDA) is a match savings account that enables families with limited financial resources to save and build assets. IDAs encourage savings by matching participant deposits.
IDAs are about more than receiving match money. They are about building skills that will help individuals and their families build self-sufficiency. Financial education is at the core of IDA training and is provided to every VIDA participant, regardless of the asset goal chosen.
Eligible asset classes include:
- Homeownership: Training is designed to help first-time homebuyers learn the basics about the home buying process. They will not only learn the basics, but will leave the training better prepared to successfully complete the home buying process.
- Home rehabilitation or repair: Training is designed to help individuals learn about the processes involved in making their homes accessible, habitable or able to be visited. Individuals will learn about aspects of home rehabilitation or repair, including finding a contractor, bidding and much more.
- Rental deposit and move-in fees
- Small business start-up or expansion: Training provides the skills needed to succeed as a small business owner and it will aid in developing a business plan. A business plan is an essential document that lenders require for receiving an approval of a business related loan.
- Post-secondary education or job training: Training focuses on accessing post-secondary education, academic planning and options after graduation. The education training will support the participant in achieving educational goals and understanding the career options available after finishing the educational program.
- Employment-related adaptive equipment, technology or specialized training
- Savings for Retirement
- Vehicle Purchase or repair