Individual Development Accounts (IDA):

DO YOU WANT TO PURCHASE A HOME?

DO YOU WANT TO SAVE MONEY FOR EDUCATION?

DO YOU WANT TO START A SMALL BUSINESS?

NOCAC’S IDA Program Can Help You Reach Your Goal!

The Individual Development Account program assists families or individuals in Defiance, Fulton, Henry, Paulding, and Williams counties in establishing financial goals, saving money, and accumulating assets in order to enhance their standard of living. 

The IDA program teaches participants how to develop savings and practice budgeting through economic literacy training.  Each participant in the IDA program will open a special interest-bearing savings account.  The account will be restricted to one of the following uses:  down payment for a home purchase, tuition for post-secondary education or job training, or starting a business.

Funding for the IDA program is provided by the Ohio CDC Association, local businesses, and organizations that provide non-federal contributions.  Current contributors are:  Maumee Valley Planning Organization, Sky Bank, Midwest Community Federal Credit Union, First Federal Bank, The State Bank, and the Northwest Ohio Housing Coalition. 

How the IDA Program Works:

An Individual Development Account is a matched savings account designed to help participants achieve long-term goals – specifically, home purchase, education or business start-up.  IDAs are dedicated savings accounts managed by Northwestern Ohio Community Action Commission.  Accounts are currently held at Midwest Community Federal Credit Union and First Federal Bank, and Sky Bank.  Each dollar deposited by the participant will be matched with two dollars from contributors.  If $20 is deposited, $40 additional dollars will be set aside to match the savings.  This equals a total savings of $60 a month.

To Participate:

• Contact NOCAC at 419-784-5136 or tkinkade@nocac.org
• Attend an orientation and complete the application form
• Choose the goal that you want to pursue
• Agree to attend training and counseling in financial and economic self-sufficiency
• Open a special interest-bearing account. 

NOCAC will match $2.00 for each $1.00 that is saved up to the maximum amount of $480 per year.  Example:  When a participant saves $480 per year in his or her own special account, NOCAC matches $960 per year, for a total savings of $1,440 per year to be used to purchase a home, start a business or pursue higher education.

How the IDA program benefits the participant:

• Teaches participants how to achieve life goals through economic independence
• Teaches financial and economic literacy
• Provides rewards for applying sound financial practices
• Helps participants to achieve long-term goals related to owning a home, starting a business or attaining higher education.

Who is eligible for the IDA Program:

• Individuals or families who live in Defiance, Fulton, Henry, Paulding or Williams counties
• Must be within 200% of the Federal Poverty Guidelines

Contact IDA Coordinator at 784-5136 or tkinkade@nocac.org for more information.

Home purchased through IDA program