Individual Development Account
The Michigan Saves IDA Program is a matched savings program for people who want to build financial assets.
Time is running out! Don’t miss this great opportunity! NMCAA’s matched savings program has a less than 12 accounts available. For every $1 you save (up to $1000), you will receive a $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:
- Save a minimum of $20 per month from your earned income (actually you want to save more to realize full value!) You may want to deposit your Economic Impact Payment or tax refund.
- Complete NMCAA’s money management workshops and asset specific training
- Meet regularly with a Budget/Housing Coach
- 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 $51,500)
Withdrawals must be made by December 2020! Don’t miss out!
For more information on the IDA Program, call (231) 947-3780. To fill out a potential IDA application, click here for IDA Application. Once the potential application is filled out completely, it can be delivered, mailed, faxed, or scanned and emailed to firstname.lastname@example.org.