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Individual Development Accounts (IDAs) are dedicated savings accounts that are used for a qualified purpose such as purchasing a first home, education or job training expenses, capitalizing a small business, or other purposes designated by the IDA administrative entity.
IDAs are managed by community organizations and accounts are held at local financial institutions.
An IDA can be established by an individual or on behalf of a child eligible for Temporary Assistance for Needy Families (TANF) assistance for a qualified purpose.
Cash deposits and interest accrued from the deposits made by an individual in an IDA up to $2,000 are not considered as income or resources in determining TANF Financial Eligibility or TANF Benefit Payment amounts.
Individual Development Accounts (IDAs)
TANF Continued Medical Benefits
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