Division of Housing and Neighborhood Revitalization

Individual Development Accounts (IDA)

What is an Individual Development Account (IDA)?

IDA is a program designed to assist an individual's interest in:

• Homeownership

• Post-secondary education

• Small Business start-up (Micro-Enterprising)

Through the IDA program, individuals put money into a savings account with Wachovia Bank.  Every dollar an individual saves will be matched with two dollars of state funds.  This match will not exceed $4000.00 (per family unit).  Participants decide which goal(s) they are saving money for.

Requirements:

• Design and adhere to a Savings and Service Plan.

• Save a minimum of $25 a month.

Action plan:

• All participants must attend individual counseling and Financial Management training workshops.

• All participants must complete training sessions which coincide with the goals chosen through the IDA program.

Eligibility:

• Families with at least one child under the age of 18 living in the home.

• Income at the time of enrollment cannot be more than 200% of the official federal poverty level.  View current income guidelines.

• Savings must be earned income.

• York County resident, County employee, or York County Small Business Owner.

Contact Information:
Administration Center
224 Ballard Street/P. O. Box 532
Yorktown, VA 23690-0532
Phone:  (757) 890-3885
Email

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