Individual Development Account
Need help saving for a house down payment, tuition, training, or business? We will match you!
Our IDA Program provides matched savings for people with limited incomes to build financial assets. For every $1 saved (up to $1,000), we will match you towards:
- Closing cost or down payment on first home ($3 to $1)
- Tuition for college or vocational training ($2 to $1)
- Small business start up or expansion ($2 to $1)
Apply Now!
If you are having difficulties, please reach out to our intake specialist by phone or email.
Phone: 231-346-2141
Email: fmsintake@nmcaa.net
Eligibility
To be eligible you must:
- Be employed
-
Agree to complete money management workshops and asset-specific training
-
Save a minimum of $20 per month from your earned income
-
Meet regularly with a budget/housing coach
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Agree to meet other program requirements
- Meet income guidelines for 200% or less of the federal poverty level:
| Family Size | Maximum Income |
| 1 | $27,180 |
| 2 | $36,620 |
| 3 | $46,060 |
| 4 | $55,500 |
| 5 | $64,940 |
| 6 | $74,380 |
| 7 | $83,820 |
| 8 |
$93,260 |
For families/households with more than 8 persons, add $9,440 to the 200% of
poverty amount of each additional person.
Valid through January 31, 2023 (subject to change).
Register for upcoming workshops or meet with a Budget & Housing Coach by clicking below.
This page last updated on 11/29/2022.
