Individual Development Accounts

What they are

Individual Development Accounts (IDAs) are matched savings accounts that help low-income families move towards self-sufficiency and long-term prosperity. Account holders take money management and asset training classes while saving to buy a first home, start a small business, or pay for postsecondary education or job training. Similar to 401(k)s, IDAs make it easier for low-income families to build the financial assets that they need to achieve the American Dream.

Who qualifies

To be eligible for the IDA program, you must:

1. Live in Washington, DC.

2. Have a job (Can be full-time or part-time. Self-employment or receiving a stipend also count.)

3.Your total household income (AGI) cannot exceed the limits identified below: (Your household size includes all adults and children who live together and share expenses—related or unrelated.)

4. Your total net assets must be less than $10,000. (Total assets means the value of assets owned by all household members, excluding the value of the primary residence and one vehicle, minus the obligations or debts of all household members.)

If you are married or engaged, please view the requirements for the MDA program.

Note: Earned Income Tax Credit (EITC) recipients automatically qualify for the CAAB IDA program.

Homeownership savers must be qualified first-time homebuyers (that is, he or she did not own a home in the District or area one year prior to the purchase date of the home purchased with their IDA funds), and must purchase in the Washington Metropolitan Area.