What is an Individual Development Account?

The IDA program helps low-income individuals and families save, invest and make purchases to better their lives. Assets provide security for families, increase wealth and self-sufficiency and offer something of lasting value that can be passed on to children. In this program, participants use matched savings accounts to:

• Purchase their first home.
• Obtain post-secondary education.
• Capitalize a small business.
• Purchase a computer for work or education.
• Acquire an auto for work or education.
• Make home improvements or repairs.
• Purchase assistive technology to meet work-related needs.

Account holders get trained in financial education, homebuyer education and/or micro-enterprise development. IDAs provide low-income families with both an incentive to save and the skills to succeed.

Basic Elements of the Program

• Account holders receive intensive training to improve their financial skills and can earn up to $4,000 in state savings match by saving at least $4,000 of their own money.
• A special IDA pilot project in King County helps foster teens transition out of state care by encouraging and providing tools and incentives for these vulnerable young adults to save for and meet their housing, higher education, healthcare and transportation needs.

For rules and FAQ's about individual development accounts please click here.

How can I learn more?

• Contact Us

Documents 

• For reference to previous IDA RFPs
• List of IDA contractors and service areas in Washington state
• Income Eligibility by County and Household Size