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Individual Development Account

The Michigan Saves IDA Program is a matched savings program for people who want to build financial assets. We will work with the customer to provide the extra dollars and tools to help someone build a bright future.  Every $1 you save (up to $1000) will be matched with $2 or $3 toward one of these eligible uses:

  • First-time Homebuyer down payment assistance
  • Tuition for an accredited school
  • Small business start-up or expansion

To be eligible for the Program, you must:

  • Agree to save $20 per month from your earned income
  • Agree to complete Financial Capability workshops and asset specific training
  • Agree to meet other IDA Program requirements as described by NMCAA's IDA Coaches
  • Show proof of your earned income that meets the income eligibility guidelines (i.e., a family of 4 can have an annual household income of up to $49,200)

For more information on the IDA Program, call (231) 947-3780. To fill out a potential IDA application, click here for Fillable IDA Application. Once the potential application is filled out completely, it can be delivered, mailed, faxed, or saved as a .pdf and emailed to cbanks@nmcaa.net.

This page last updated on 5/26/2017.
Barb Stricker (Budget/Housing Coach) with her IDA participant and HFH recipient
Our Budget/Housing Coach, Barb Stricker admires the Community Action Participant of the Year award received by her Individual Development Account (IDA) participant, Mr. Ormsbee.  Mr. Ormsbee and his wife worked hard during their participation in the IDA program.  While in the program they also worked on their Habitat home.  The IDA program matched their $1000 savings with $3000 that went towards their down-payment. From living in a falling apart mobile home, his family is now safely housed in Traverse City.

Helping people by Linking Services, Resources and Opportunities.

 

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