Individual Development Accounts (IDAs)

Freuent Questions

If you have additional questions about the IDA program you’ve come to the right place. This section is a compilation of answers to the questions most commonly asked by our applicants. Just start by following one of the links below.

If you can’t find the question you wanted to ask, don’t hesitate to contact us at or by calling 701-232-2452.

  1. What assets can I save for?

    IDA participants may use their savings and match money toward any of three productive assets: a first home, a small business, or post-secondary education.

  2. Can parents save for their children's education?

    Yes, if they income-qualify and their children will be attending a college in North Dakota within the two-year time limit of the program.

  3. What is a "savings match?"

    A savings match is a promise to supplement an IDA participant's savings deposits at a specific rate; in other words, a 2:1 savings match means that for every $1 participants save, they will have another $2, $4 or $8 added to your totals savings at completion!

  4. How much money will I receive?

    Participants are able to save up to $2,000 for a match of up to $4,000, depending on what they are saving for. This means if the maximum amount is saved the participants will have a total of $6,000 to be used for college tuition, small business expenses, or purchase of their first home.

  5. Even though I qualify now, what happens if my income increases?

    Once you have proven eligible and are accepted into the program eligibility is "locked in." Participants need only be income-eligible at the time of acceptance.

  6. Do I have to buy my asset (home, business, go to school) in North Dakota?

    Yes. IDA funds from the NDCAP IDA program can only be used in the state of North Dakota.

  7. What happens if I open an IDA but later change my mind?

    Any deposits made into the IDA are owned by the participant and can be withdrawn to leave the program.

  8. What do I have to do to receive the match funds?

    The program has four main requirements that must be completed before participants can receive match funds.

    1. Deposit at least $25 per month into the IDA from earned income. Participants must save for at least six consecutive months; a missed deposit will result in having to start the six month savings period over.
    2. Meet regularly with an IDA Case Manager.
    3. Complete ten hours of financial literacy training.
    4. Complete eight hours of asset-specific training.

    *Additional requirements may need to be satisfied before receiving match funds.

  9. How long does the program last?

    The IDA program is a two-year program meaning that all funds must be saved and spent within two years of starting the program.

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