Matched Savings Grants

Individual Development Accounts (IDAs) are matched savings accounts that help people with modest means to save towards the purchase or building of a lifelong asset, such as a home, starting a business, or going back to school. The amount of the match will vary depending on each Grantee's Federal allocation. I have known programs to match between $1 and $4.

This means that for every $1 saved by the participant, the IDA matches between $1-$4. For example, if the match is 1:2 and the participants saves $1,000, the IDA program would match with $2,000, for a total savings of $3,000.

To learn more about IDAs, visit The Corporation for Enterprise Development's (CFED) website. CFED is a national nonprofit that helps low- to moderate-income households build and preserve assets. Follow the link, http://cfed.org/programs/idas/directory_search/, to search the IDA Directory to find an IDA program near you.