INDIVIDUAL DEVELOPMENT ACCOUNT

Turn $1 into more. United Way’s Individual Development Account (IDA) is a matched savings account program that helps low-income individuals achieve their goals of buying a home, attending school, or opening a business. Eligible participants are required to save money while also acquiring critical financial education and long-term money management skills.

HOW IT WORKS

  • Each participant opens an Individual Development Account, a no-fee savings account, and begins to save a minimum of $25 per month of earned income. The savings, up to $2,000, will be matched when the participant purchases a home, enrolls in higher education, or starts or expands a small business.
  • The participants also receive free financial education and education specifically related to their savings goal. They are eligible for credit counseling and free income tax preparation.
  • The IDA program is a collaboration of more than 35 organizations throughout Hillsborough and Pinellas counties that are committed to empowering hard-working people and providing ways to help them become financially independent.

WHO’S ELIGIBLE?

  • Residents of Hillsborough or Pinellas County with an annual adjusted gross income of less than $49,200 for a family of four or $24,100 for individuals.

Here’s how they can use their funds:

  • First-time home buyers can use their matched savings to assist with down payments, inspections, title fees, and other closing costs.
  • College students can use their matched savings for college-related expenses such as tuition, fees, books, and equipment such as computers and software.
  • Small-business owners can have their savings matched to capitalize or expand a business to pay for inventory, equipment, or management technology.

LOCAL PARTNERS

These Prosperity Campaign of Hillsborough County partners help make the IDA program possible with funding, financial services, and case management:

Children’s Board of Hillsborough County
Pinellas County Community Development
Suncoast Centers Inc.
National Foundation for Debt Management
Solita’s House
SunTrust Bank
United Way