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DE Individual Development Account (IDA)

An Individual Development Account (IDA) is a special savings account that can be used to save for education, to start a business, or to purchase your first home. For each dollar you save, another dollar is added to the account. And the saved money may not count as a resource or asset in determining eligibility for TANF, SSI, Medicaid, or other means-tested benefit programs. (Since not all IDA's are excluded when counting resources, check with the agency administering your benefits.)

Delawareans Save!

In Delaware, IDA's are offered through a program call Delawareans Save!

The maximum that you may save and get matched is $1,500 per person or $3,000 per household. That means including your savings and match, you may obtain up to $3,000 per individual or $6,000 per household!

With a Delawareans Save! IDA you must save for at least 6 months. The longest time you may save in the program is 36 months, depending on the date that you begin saving.

You must save a minimum of $25 per month and up to a maximum of $250 per month to receive the matching dollars.

When you reach your Delawareans Save! savings goal and finish the steps of the program, you and your counselor will meet to fill-out the withdrawal request. A check will be written to you and the provider of your asset purchase (such as a college or business equipment provider).

You can find out how to establish an IDA and the locations of Delawareans Save! offices by calling the First State Community Loan Fund at 302-652-6774 or by going to the Delawareans Save! web site at:
http://www.delawareanssave.com/

You can learn more about the general rules for IDAs by going to the Individual Development Account Overview.

NOTE: Other organizations may offer IDAs in Delaware that have other limits and eligibility criteria. If you know of such programs, please let us know by going to: http://www.workworld.org/TechnicalSupport.html#ContactUs or by calling (804) 828-2665.

See Also:

DE IDA - Financial Eligibility

Source:

http://www.delawareanssave.com/

Back to:

DE Benefit Information System Overview

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