IDA Frequently Asked Questions
En Espaņol
What are Individual Development Accounts (IDAs)?
Individual Development Accounts are matched savings accounts to help families and
individuals with limited incomes save for things that will help build their future.
What does “matched savings” mean?
Matched savings means that for every dollar an SCCU IDA participant saves,
SCCU IDA will commit 1 dollar to his or her total account balance, up to a maximum match
of $2500.
What can participants use the money for?
SCCU IDA participants may use their savings for any of the three following
purposes:
- Home: down-payment and closing costs to buy a first home.
- Education or Training: tuition, fees,
books, supplies or equipment needed to work toward a degree or certificate.
- Business capital, plant, equipment, working capital, or
inventory expenses for starting a business.
Who is Eligible to Participate?
To be eligible, a participant must:
- Be eligible to receive TANF (Temporary Assistance for Needy Families) or EITC
(Earned Income Tax Credit), or
- Have an adjusted gross household income no greater than 200% of the federal
poverty level, and meet the following income limits:
| Household Size |
|
Adjusted Gross Income |
| 1 |
|
$17,960 |
| 2 |
|
$24,094 |
| 3 |
|
$28,144 |
| 4 |
|
$37,112 |
| 5 |
|
$44,754 |
| 6 |
|
$51,476 |
Where are savings deposited?
Participants open their IDA and make deposits at the Saguache County
Credit Union.
What do participants have to do to earn the savings match?
- Make a deposit of at least $25 every month for at least six months.
- Complete an appoved Financial Literacy Course.
- Complete asset-specific counseling and training with an approved IDA Program
Partner.
- Maintain contact with IDA Program staff and attend meetings to receive financial
counseling and other assistance.
When will this program start?
This program in now underway.
What will I need to apply for the IDA program?
You will need the following materials to apply for the IDA program once it
has begun.
- Current and previous year tax returns with W-2’s for all working members of
the household
- the most recent bank statements for any checking and savings accounts or cash
investments (CD's, Money Market, Mutual Funds)
- pay stubs for the past month for all working members of the household
- bankruptcy decrees (if applicable)
- divorce decrees (if applicable)
- award letters if you are receiving any type of government assistance. THIS
INCLUDES SECTION EIGHT RENTAL ASSISTANCE.
Who can I contact to learn more about the SCCU IDA program?
Rick Wertz
rickw@sccu4u.net
(719) 256-4899
P.O. Box 337
Moffat, CO 81143
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