North Dakota Community Action Partnership

What is an IDA?
Individual Development Accounts (IDAs) are special savings accounts designed to help families and individuals of modest means to establish a pattern of regular savings, and ultimately, purchase a lasting asset of value that is likely to return substantial long-term benefits to its owner. Such benefits include security, stability, and opportunities for increased income.
The three eligible assets that can be purchased with an IDA are college tuition, a first home, or small business capitalization.

How Does an IDA Work?
Participants are required to save for at least six months, although most save money over the course of two years. At the end of the program every dollar deposited into the IDA by the participant is matched by a combination of federal and nonfederal funds at a rate of 2:1. In North Dakota participants are able to save up to $2,000 for a match of $4,000. This means if the maximum amount is saved, the participant earns $6,000 to use for purchase of an eligible asset.
Throughout the savings period participants are required to make a monthly deposit into their IDA and the contribution must come from earned income. Participants are also required to complete financial literacy training, which is a critical component as it teaches skills such as: creating and following a budget, owning and managing a bank account or credit card, credit counseling and credit repair, and guidance on refundable tax credits such as the Earned Income Tax Credit. Additionally, participants are required to attend asset-specific training. This training is focused on the participant’s asset that they intend to purchase upon the completion of their IDA savings.

Who is Eligible for an IDA?
Individuals and households who have earned income and are 200% of the federal poverty level:

2009 Income Guidelines
Family Size	Gross Yearly Income
1	$21,660
2	$29,140
3	$36,620
4	$44,100
5	$51,580
6	$59,060

* add $7480 for each additional household member

How do I find a Community Action Agency that offers IDAs in my Community?
If you are interested in applying for an IDA, please click here to reach the Community Action Agency nearest you, or call us at 701-232-2452 or send us an email at andreao@sendcaa.org.

Click Here for additional IDA FAQ

Past IDA Participants Current IDA Participants New IDA Applicants

Asset Development