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individual development accounts
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Do you dream of going back to school, starting
your own business, or owning your own home?
your own business, or owning your own home?
IDA income guidelines
Community Action New Mexico 400 Central Ave. SE #101 Albuquerque, NM 87102 505.217.2747
info@communityactionnewmexico.org webmaster@communityactionnewmexico.org
info@communityactionnewmexico.org webmaster@communityactionnewmexico.org
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If you answered “yes,” then the IDA (Individual Development Account)
program can help you make that dream come true.
save for an asset
The IDA program was created to encourage saving money toward
investing in your education, starting or expanding your own small
business, or owning your own home. What these three things have
in common is that they are long-term assets, valuable things that you
own, that will last a long time, and that will add to the quality of your
life. The IDA Program encourages you to save money towards
investing in one of these three goals by rewarding consistent saving
habits.
turn $1000 into $5000
Every $1 of earned income you save towards one of the assets listed
above, is matched by up to $4 (called “matching funds”). Both your
money and the matching funds are saved in a bank account. This
account “maxes out” at $5,000 – meaning that up to $1,000 of the
money you save is matched by up to $4,000 in matching funds.
how to qualify
In order to be eligible for an IDA account, you need to meet the
income guidelines listed in the table at left, and your household
cannot have more than $10,000 in assets, excluding your home and
one vehicle.
Then, you need to identify the asset you plan to secure with your IDA
savings account, complete our 20 hour financial literacy program,
and submit an application for the IDA program.
learn more
To learn more about IDAs, call (505) 894-3469 for more information.
Frequently Asked Questions also provides more detailed information.
program can help you make that dream come true.
save for an asset
The IDA program was created to encourage saving money toward
investing in your education, starting or expanding your own small
business, or owning your own home. What these three things have
in common is that they are long-term assets, valuable things that you
own, that will last a long time, and that will add to the quality of your
life. The IDA Program encourages you to save money towards
investing in one of these three goals by rewarding consistent saving
habits.
turn $1000 into $5000
Every $1 of earned income you save towards one of the assets listed
above, is matched by up to $4 (called “matching funds”). Both your
money and the matching funds are saved in a bank account. This
account “maxes out” at $5,000 – meaning that up to $1,000 of the
money you save is matched by up to $4,000 in matching funds.
how to qualify
In order to be eligible for an IDA account, you need to meet the
income guidelines listed in the table at left, and your household
cannot have more than $10,000 in assets, excluding your home and
one vehicle.
Then, you need to identify the asset you plan to secure with your IDA
savings account, complete our 20 hour financial literacy program,
and submit an application for the IDA program.
learn more
To learn more about IDAs, call (505) 894-3469 for more information.
Frequently Asked Questions also provides more detailed information.
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Call to open your
matched savings
account now!
(505) 894-3469
Frequently Asked Questions
matched savings
account now!
(505) 894-3469
Frequently Asked Questions
