Individual Development Accounts (IDA)
Download the IDA brochure
Download the IDA Application for Services Form
Download the IDA Application Information
Download the IDA Application Form
The purpose of the Individual Development Accounts (IDA) program is to help low-income individuals and families develop personal financial skills, purchase an "asset" and save money in a savings account with the incentive of matching dollars. You can save for a first home, small business start-up or expansion or a college/vocational education.
Eligible participants will save a maximum of $800 and receive a matching contribution of $4,000. That is $5 for every $1 saved. Each month, for a minimum of 6 months, participants must deposit between $10 and $125, until they reach the savings goal $800. Participants have the opportunity to make a one-time lump sum deposit of $500 but must continue to make deposits until they saved for at least 6 months or longer. All deposits can be made at the bank or by direct deposit.
Eligibility Requirements
- Alaska Native/American Indian adult or legal guardian of an Alaska Native/American Indian child.
- Reside in the Municipality of Anchorage
- Must be employed - full-time, part-time or self employed
- Eligible for TANF OR Earned Income Credit OR have imcome at or less than 200 percent of the federal poverty guidelines. Povery guidelines are determined by family size and gross earned income. Please contact the IDA Specialist, 793-3303, to determine your income eligibility.
- Minimum participation of six monthes
Once accepted into the program, participants must meet the following conditions to remain enrolled:
- Open an IDA savings account at Wells Fargo with deposit of $25.
- Make a monthly savings deposit of earned income (minimum amount of $10 - maximum amount of $125) for a period of at least 6 months.
- Do not miss more than 2 deposits during the savings period.
- Participate in the required Financial Literacy Education.
- Participate in the required Asset Specific Education.
For more information about the IDA program or to apply, please contact the IDA Specialist at the Employment and Training Services Department.
3600 San Jeronimo Drive
Anchorage, Alaska 99508
Kimberley Henry (Leeper)
Phone (907) 793-3303
Fax (907) 793-3395
khenry@citci.com
