Improving finances is a goal for many individuals and families. The Individual Development Account (IDA) Program is one tool that could help qualified Kansans.
Designed to help Kansans of low to moderate income levels, the program helps participants save while teaching habits of financial responsibility.
Qualified households must meet income and asset guidelines, have earned income, and complete an online money management course. To qualify, gross household income must fall below 200% of the current Federal poverty guidelines.
Once eligible, participants can open a special savings account that is eligible for a 2:1 match for every dollar saved, up to $3,000. For example, $3,000 in savings will be matched with $6,000 for a total of $9,000. Accrued savings can be used to purchase a first home, pay for home repairs, open a small business, or pay for college or specialized training.
The Kansas Department of Commerce oversees the IDA program. Interfaith Housing and Community Services, Inc., located in Hutchinson, administers the program.
“We provide quality education, personalized support, and asset building opportunities that empower individuals and families in Kansas to develop and maintain solid financial foundations,” Lacy Stauffacher, Director of Financial Capabilities at Interfaith Housing and Community Services, Inc., said. “This program hinges on implementing healthy financial habits that will have a lasting positive impact on families and their communities.”
To learn more or to apply, visit www.interfaithks.org/cash/ida.
This article appeared in the January 2020 NCRPC Newsletter.