Asset Building Programs
Individual Development Accounts (IDA)

As the main element of the Asset Building program, the IDA program is a comprehensive educational system for adults with specific financial goals, such as wanting to buy a home, start a business, or obtain post-secondary education for themselves or their children. Each participant works with staff members to develop an individualized, intensive training designed to maximize the individual’s potential and assist them in reaching their goal. The program is centered on a savings and match program – each $1 saved is matched by $2, up to $1,500 in a one to three year period, for a combined savings and match of up to $4,500.

The curriculum includes a 10 hour Money Management Training, an inclusive course that broadens participants’ knowledge of budgeting, credit, net worth and goal setting to prepare for their asset purchase. The IDA Program also assists residents in developing regular savings habits, building relations with insured financial institutions, accessing essential training and preparation for owning and managing an asset, and accumulating sufficient cash resources (through matching their savings) so that the asset can be acquired in 1-3 years. In addition, post-training credit counseling is required by the IDA Program.

The program is available to Bronx residents who are currently employed or selfemployed (full- or part-time) and whose household gross incomes is at or below 200% of Federal poverty guidelines.

Eligibility Requirements

To be be eligible for the IDA program you must be:

  • A Bronx Resident
  • Currently Employed
  • Meet federal income guidelines (see below)

Federal Income Guidelines

Eligible under 200% of federal poverty guidelines:

  • Household size is 1 and household annual income is $19,140 or less
  • Household size is 2 and household annual income is $25,660 or less
  • Household size is 3 and household annual income is $32,180or less
  • Household size is 4 and household annual income is $38,700 or less
  • Household size is 5 and household annual income is $45,220 or less

Submit a Prescreening Application

If you believe you are eligible for the IDA program, please fill out a prescreening application. You will then recieve a full IDA application in the mail. You may download and print the following:

IDA Prescreening Application [Download PDF]

Contact

The IDA Program
718.299.7177 ext. 17; Fax 718 299 5623
2003-05 Walton Avenue, Bronx, NY 10453-410