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FIP Individual Development Account - Iowa

An Individual Development Account (IDA) is a special bank account that helps an individual save for education, purchase a first home, or start a business. The individual uses earnings from work to deposit savings in the approved bank account. His/her contributions are matched with money from Iowa’s Family Investment Program (FIP) or from special funds called "Demonstration Project" money.

Who is Eligible for an IDA?

· If an individual is working and receiving FIP payments, he/she may be eligible, provided there is a community organization operating a project in the area.*

· If an individual is working and either receiving FIP or has low income (at or under 200% of the federal poverty level) and assets; he/she may be eligible for a Demonstration Project IDA, provided there is a community organization operating a project in the area.*

Who Determines Eligibility?

· The Iowa Department of Human Services and its IDA contractors who operate local IDA projects. Demand for IDAs often exceeds available funding, so eligible families may be put on a waiting list.

* In May 2001, community organizations were providing IDAs in the following Iowa Counties: Polk, Scott, Linn, Sioux, Appanoose, Davis, Jefferson, Keokuk, Mahaska, Van Buren, Wapello, Clarke, Decatur, Lucas, Monroe, and Wayne. Contact the Division of Economic Assistance, Iowa Department of Human Services in Des Moines or your local DHS office to find out who to contact in your area.

Source: Iowa DHS Employees’ Policy Manual

Title 4, Family Investment Program (FIP)

· Chapter D, Resources, Exempt Resources, Individual Development Accounts

· Chapter E, Individual Development Accounts

Legal reference: 441 IAC 41.26(1)"m"; 41.27(6)"ab"; and 441 IAC 10.

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