Many people are not aware that an Individual Development Account (IDA) can be used to improve your life whether that be going back to school, tripling your savings on a down payment on a home loan, or even starting your own business!
This account is dependent on community resources and government grants that provide the chance for low income individuals/families to improve their situation. Match programs offered by this account can add as much as triple what you put into your savings. That means for every $1 you put into your account, you could potentially get $3 more!
While this is a great option, it is not as simple as just applying. You will need to also take classes that help you better understand financial management so you can improve on your credit. There are also limits set in place that determine how much you are able to add into your savings. The reason there are limits is because this account is meant to help those who need it most. If you are able to put a large amount of money into this account, then you don’t really need assistance as much as some other applicants.
IDA’s are set up differently depending on where you are located. The best place to begin looking is at resources within the community that provide rent or utility assistance!