I've heard about the IDA program, but what exactly is it?

IDA's are a $2 to $1 matched savings account, to be used for a first time home purchase, college education or trade certification course or the capitalization of a small or home based business.

What is the difference between the state and federal program?

The programs work the same way, however the requirements for qualifying are different.

What if I decide to move or leave the program - will I lose my savings?

No. Your savings, and the interest you earn on it, remain in your ownership and you will not lose it. If you leave the program without completing your savings and the education requirements, or decide not to purchase one of the qualifying assets, you will not receive the $2 for $1 match money.

Can I take one of the other money management classes offered at ACCESS, instead of the IDA Personal Financial Skills classes?

Taking the 3-hour short course will not meet your financial training requirement. You may substitute the 15-hour Financial Skills class described under Money Management if the time schedule is more convenient for you. If you are a victim of domestic violence, you may elect to take the "Hope and Power" course offered by VOICES, a financial skills course specifically designed for those in domestic violence situations. Contact Sandi Thompson-Royer at 326-4135.

I'm signed up for the Home Starts program at my bank. Can I use the IDA in addition to the Home Starts money for my down payment and closing costs?

Yes. You may combine the IDA with Home Starts, or with ACCESS's Downpayment Assistance Loan Program, or another source. Only two programs can be used together, not three.

I've owned a home before, but I don't own it anymore. Can I still qualify under the first-time home purchase?

If you have not owned a home within the past 3 years, you can buy a "first-time home."

Can I use my IDA for living expenses while I'm in college?

No. Only tuition and books are qualified expenses. In some cases, equipment specifically required for your degree program may qualify. Talk to your IDA Case Manager for details if this applies to you.

Can I use my IDA to send my child to college?

You must not only complete your savings but make your purchase within the time limit (1-3 years depending on when you enroll). Therefore, if your child is near college-age you may use your IDA for their tuition and books until your time limit is reached. However, if they are younger, you will not be able to save the money until they are ready for college.

I already have a business - can I still use my IDA for business expenses?

Yes, it can be used for capital needs for new or existing businesses, as long as you have completed an approved business plan that includes the expenses for which you would use your IDA savings.

When do I get my IDA match money?

You will not actually get cash deposited in your IDA account to match your savings. When you have completed your savings, or in some cases when you make interim qualified purchases, you will withdraw 1/3 of the cost of the purchase from your account, bring us a withdrawal slip and we will cut a check to the vendor for 2/3 of the cost. This will be the routine for each purchase, if there is more than one.