What is an Individual Development Account (IDA)?
Individual Development Accounts (IDAs), are savings accounts available to low and moderate-income individuals or families who earn matching funds through regular and continuous savings AND participation in financial literacy classes. Match funds are disbursed if and when the participant’s savings are used for the acquisition of assets – business capitalization or financing of post-secondary education.

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1. What is an Individual Development Account (IDA)?
2. Do I need to wait until I have reached the total savings before I can use the IDA match funds?
3. If I decide to no longer be in the IDA program, do I keep all my saved money?
4. Can the IDA funds be used to pay off loans or other debts?
5. Does being in an IDA program disqualify me from getting other assistance (i.e. grants, loans, government assistance, etc.)?
6. Do I need to claim the IDA funds on my taxes?
7. Can I participate in the IDA program more than once?
8. When does the IDA six months of required savings begin?
9. Can I save for the IDA at any bank?
10. Do I need to pay back the funds I receive from the IDA program?
11. Who can I contact if I have additional IDA questions?