● Excel Budgeting Spreadsheet
● Small Business IDA Overview
● Home Ownership IDA Overview
● Rental IDA Overview
● Vehicle Purchase/Repair IDA Overview
● Home Repair IDA Overview
● Education IDA Overview
● Credit Builder and Small Dollar Loan Overview
● Ending The Relationship With A Client
Yes – you are required to save every month during the entire duration of the IDA savings period. The program is designed to get you in the habit of pro-actively saving toward assets and building wealth.
You are allowed to do up to two IDA’s in a lifetime.You are only allowed to do one IDA at a time. Up to two people in the same household can do an IDA at the same time.
Any money you have saved is always your money. Match funds will remain with the program. To withdraw your funds, we will ask you to complete some exit documents.
No, unless you would like to continue meeting with your coach to improve your financial situation or you have other areas you would like to work on.
For Home Ownership IDA’s, we highly recommend working with a Home Ownership Counselor throughout the savings program. They will help you create a plan and identify goals to help improve your credit score, pay down debts, increase income, and increase your down payment to secure an affordable home loan.
We would amend your savings goal and you would receive matching funds based on what you saved.
Unfortunately, no. The goal of the program is for participants to develop good saving habits. Making monthly deposits during the savings period is essential to the IDA program.
Saving in the program will not impact your public benefit eligibility, however, depending on your IDA objective, funds at the time of withdrawal may have an impact on some benefits. We advise that you check with your local benefits office for more information.
Unfortunately, no. You must purchase a habitable dwelling as part of the purchase.
A first-time home buyer is anyone who hasn’t bought or sold property in three years. Exceptions include displaced homemakers, those losing their home due to divorce or domestic violence situations, or owners of manufactured housing.
Yes, however tiny, mobile and manufactured homes will likely depreciate value. It is recommended you consider this before committing to this type of housing.Additionally, these types of homes will require long term land lease agreements to meet IDA usage requirements.
Rehabilitation or repair work must be of modest materials and eliminate health & safety hazards, correct code violations, replace or upgrade major housing systems, or aid weatherization. Funds can also be used to make accommodations for accessibility. It cannot be used for general remodeling, building new structures, or work on non-habitable structures (garage, sheds, etc).
No, Funds become available after you have completed 6 months of savings and your education requirements. You can request withdrawals up to your available savings and matching funds for immediate repairs while continuing to save for future repairs.
No. Due to program policies, you must use a Scope of Work and acquire 3 quotes and choose a contractor to complete the work.
No. IDA funds must be used for current/future purchases including deposits, first month or continuing rent, utility deposits (no bills), moving costs, and basic furnishings.
Yes. You are allowed to use IDA funds to help purchase modest and necessary furnishings and household items like furniture, mattress, bedding, kitchen utensils, dishes.
No. IDA funds can only be used for current and future college terms.Funds can be used toward tuition, books, school supplies and computer provided the purchases are made at your campus bookstore.
It would depend on your scholarship. Some scholarships may have restrictions in receiving additional funding. Please review your scholarship rules.
No.It can only be used toward tuition, books, school supplies and one computer from your campus bookstore.
Unfortunately No. You must use your IDA funds toward future asset purchases.
IDA money can be used for equipment, working capital, parts for manufacturing products, merchandise to sell, and other typical business expenses. Some restrictions apply.
Yes, however we recommend weighing the cost of possible future repairs and maintenance over the reliability of a newer vehicle.
It is advisable you research vehicles that will be reliable and cost effective. Many mid-level vehicles require Premium gasoline and cost more to maintain and insure.
If your client would benefit from additional resources such as food pantries, mental health/counseling, or legal services, this tool can help you easily locate them. This map groups organizations together based on the services they offer and allows you to search by zip code or need. It displays the address, phone number, and zip code of the service, and even display options for public transit.
The Earned Income Tax Credit benefits working individuals with low to moderate income by reducing the amount owed on your taxes an potentially give a refund. Generally the EITC is given to individuals or couples who claim children as dependents, however some individuals or couples may qualify. To qualify for the EITC, an individual must have a taxable income and file taxes, be between the ages of 25-65, and fall under the income limits for that year.
The IRS cannot issue the return until mid-February, so it's important to have a plan in place! For more detailed information, please visit the IRS website.
