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GA Individual Development Accounts - IDA

Individual Development Accounts (IDAs) are matched savings accounts, similar to Individual Retirement Accounts (IRAs), but can serve a broad range of purposes. Some designated purposes of IDAs are homeownership, education, training, and small business capitalization. IDA programs are implemented by community-based organizations, and funded by public and private sources.

Federal and state governments and/or private sector organizations and individuals can match deposits for low-income families. There is potential for creative program design and partnerships among the public, private, and nonprofit sectors, in cooperation with account holders themselves. The savings and financial literacy components of IDAs are attracting the financial community to be involved in IDA programs. Several financial institutions across the U.S., including community banks and credit unions, are currently running IDA programs, and many other financial institutions are funding IDA programs and holding accounts.

TANF IDAs

Many States have passed legislation authorizing matching funds for IDAs from their TANF programs (Temporary Assistance for Needy Families). In such programs the funds in the IDAs are excluded when determining whether or not a family has resources over the TANF resource limits.

Resources in an IDA that has TANF funds are also excluded when determining the resource limits for Supplemental Security Income (SSI). If the IDA does not have TANF funds, then the money in the IDA can be deemed to be available to a spouse on SSI or to dependents on SSI.

Unfortunately, Georgia has no legislation authorizing TANF matching funds for IDAs.

Georgia IDAs

Georgia has no statewide IDA program. There are, however, a number of local IDA programs. Go to the IDANetwork's website at http://www.cfed.org/focus.m?parentid=31&siteid=374&id=599 for information about the various projects.

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Georgia TANF

Georgia Benefit Information System Overview

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