Hey, Section 8 Tenants! Here Is A Really Cool Way To Save—for Something Big!

What if I told you that Section 8 Tenants and many other people can save and make a good return? What if I told you about a way to have the government pay you to save money?

Introduction to Individual Development Account (IDA)

Many people, especially from low-income and low wealth families who never learn how to save properly. The benefits are not clear and neither is the method could save up for something really important, like buying a house or saving for education.

The individual development account (IDA) is a government sponsored program to encourage people to save. This program provides a structure to learn how to save money, and it gives a greater incentive to save when you get paid to save.

What can the individual development account (IDA) do?

When you create an authorized account, you start saving. Most of these program savings accounts usually take six (6) to thirty-six (36) months. It could take as long as five (5) years. When the savings goal has been met because the program does the right match for your account, essentially giving you free money.

The program is specifically how this money can be used.

What types of savings targets qualify within the IDA program?

Here are examples on how the IDA program allows you to use money from this account:

• Buying a house (and associated costs of buying it)

• From a business (and general startup costs)

• Post-secondary or vocational education (teaching, books, fees, etc.)

You can withdraw your money at any time. You always have access to money in your account.

But if you prefer something within the first six (6) months, you are no longer eligible to receive a struggle for the money you save. After the first six (6) months, you can only withdraw to agreed positions, otherwise you will lose your chance to receive matching funds from IDA.

How much of my savings, the program matches?

The program will match those special account funds for as much as $ 1,000.

If money will be spent on education (post-secondary or vocational) or start a business, then the program matches 2 to 1 For example, a person whose saved $ 750 on this account, the program will match two (2) times, or $ 750 x 2 = $ 1,500 to pay for education or early business costs.

If the money used to buy a house so that the program matches three of the first For example, a person whose saved $ 750 in this account, the program will match three (3) times, or $ 750 x 3 = $ 2,250 towards the purchase of a home. If you qualify as a first time homebuyers this can include your entire down payment.

Who qualifies for the individual development account (IDA) program?

The basic requirement is that you must be below 200% poverty income levels for your area. You must visit a specialist to determine whether you as an individual qualify to benefit from this program.