What is a KDVA Individual Development Account or IDA?
A KDVA Individual Development Accounts (IDA) is a savings account set up to help survivors save toward a specific goal.  Participants’ savings earn matching funds when the program requirements are completed, so that savings grow quickly.  Some IDAs may be appropriate for teenage children of survivors.  During the program, IDA savers participate in financial education and one-on-one budgeting and credit counseling sessions.

What as an approved asset purchase?

Classic IDA savers can use their funds for the down payment of a home, post-secondary education, or to start or expand a small business.  Applicants can also designate that their savings be used for a dependent child’s education.
How does the IDA program work?

IDA participants open designated savings accounts at partner banks. Every account must be opened with a $20 deposit. KDVA offers a 4 to 1 match, for every dollar saved in an IDA, the dollar is matched with $4. A participant can save a total of $1,000 and will be matched with $4,000 to have a total of $5,000 to spend on an asset purchase. Only earned income can be saved in accounts. All participating banks have agreed to waive fees and minimum balance requirements while the participant is an active IDA saver.
What are the requirements?

IDA applicants must meet the following federal income guidelines:

  • S/he receives TANF; or
  • S/he received the EITC on the most recent tax return AND has a net worth (assets minus liabilities) less than $10,000; or
  • S/he has a household income less than or equal to 200% of the federal poverty guideline AND has a net worth less than $10,000.

2012 Poverty Guidelines for the
48 Contiguous States and the District of Columbia

Persons in

200% of Poverty guideline

















For families/households with more than 8 persons,
add $7,920 for each additional person.


Participants must be in the program for at least 6 months and no longer than three years. During this time IDA participants make monthly deposits of at least $20 in their IDA and are meeting with an IDA advocate at a KDVA partner agency. All participants are required to attend financial skills building workshops to learn how to save, budget, and invest wisely. Participants are also required to work on credit scores by building credit and paying off debt.
To find a partner agency near you, please click here.

What are the benefits of an IDA Program?

  • Reach savings goals faster because of a 4 for 1 match.
  • Learn financial skills and receive one-on-one budgeting and credit
  • Get connected to other programs that help students, first-time homebuyers, and small business owners
  • May be eligible for IDA emergency fund
  • May be eligible for Micro Loan Program

Why is asset building so important?
Asset building is an anti-poverty strategy that helps low income people move toward greater self-sufficiency by accumulating savings and purchasing long-term assets. The theory behind this approach is that helping people purchase an asset, as opposed to simply increasing their income, provides stability that may allow them to escape the cycle of poverty permanently. Assets such as a home, education or business gain value over time. They are a pathway to life-long independence and security.
Assets help individuals achieve their career and personal goals by giving them a foundation to build upon.

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