Foster Youth Individual Development Account Program (IDA)
If you have any questions about the IDA program, please call Rosie, IDA Resource Specialist, at (206)214-5493 or email at rcullen@seattleymca.org
This is a great program that helps! Foster youth-
Ricky D Sadler www.RD-house.com help these youth help themselves give any way you can.
2013 PROGRAM DESCRIPTION
What is an Individual Development Account (IDA)?
An IDA is a matched savings account that earns one dollar for every dollar you save. You can save up to $1,000 in your account and we will match you with up to $1,000 for a total of $2,000 to spend. With an IDA account you will learn how to manage your personal finances and work with a case manager to help you save and reach your goal.
Incentives
In addition to working with someone to help you save your own income, you can also earn incentives with the IDA program. There is a list of things that you can do (financial education classes and workshops, regularly meeting with case manager) where you can earn an incentive that is deposited into your IDA account and is treated as a deposit of your own money.
What is required of me once I am accepted in the program?
1. Attend an orientation
2. Open an IDA savings account with a bank/credit union partner within one month of acceptance
3. Save at least $10 every month for 6 months
4. Attend four required trainings
a. Attend a “Working Your Money” class at the YMCA in the first 2 months
b. Attend a housing orientation and transitional or permanent housing classes within first 2 months
c. Meet with your IDA Case Manager to learn how to comparison shop for the asset you are saving for (Computer, Education, Housing)
What can I use my IDA to purchase?
• Housing
– Rent, move in costs, security deposit, damage deposit, or up to $500 for approved home furnishings.
– Your name must be on a lease in order to use IDA funds towards housing.
– If you live with roommates you may only use IDA funds to cover your portion of the rent.
– You may not use IDA funds for rent if you already have a rent subsidy/Section 8
• Education
–Tuition or school supplies.
– You must provide us with a tuition statement that lists the courses you are taking and a syllabus that lists the supplies needed for the course in order to use IDA funds for education.
• Computer
–Computer, laptop, and/or software needed to use the computer for postsecondary education or training.
– IDAs cannot be used to purchase games or non-necessity entertainment items such as web cams, microphones, and sound cards unless approved by a case manager.
– A maximum of $1500 may be spent on a computer
building a better commuity one youth at a time. take time to invest in our youth,they will be our home buyers tommorrw.
Ricky D Sadler
RD House Real Estate & Property Management INC
Seattle,WA www.RD-House.com
Jessica and her Nissan Altima
Jessica used her IDA matched funds to purchase a 2004 Nissan Alitma. Before making her purchase, Jessica explains that it was a ―huge inconvenience‖ to arrange for transportation to and from work. Now that she’s made her purchase, she reflects that ―this car has helped me in my life in so many ways.‖ Her asset also helps reinforce the money lessons she learned in the Program: ―I have to pay car insurance every month and put gas in the tank almost every week, [and] I have to make sure I have enough money for these things.‖
Her long-term financial goal is to increase her financial security, which for her means ―not living paycheck to paycheck‖ and having an emergency fund for unexpected car repairs or medical expenses. As for new IDA participants, she encourages them not to ―give up or settle for a car that you don’t really want [even though] it can be hard looking for a good car.‖
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