Individual Development Accounts (IDAs) are matched savings accounts. For every dollar an eligible individual saves, he or she receives additional funds. The IDAs are matched at a 4:1 ratio. This means for every one dollar an individual saves, they will receive four extra dollars. The maximum amount an individual can save is $1,000 and the maximum amount that will be matched is $4,000 for a total savings of $5,000. Individuals must use these funds to purchase a first time home, a business start-up or expansion, or post secondary education for themselves or a family member. This program is a collaborative effort between Mile High United Way and other community partners to help people in metro Denver work toward self-sufficiency.
Individuals must:
Live within a household where the net worth does not exceed $10,000 excluding the primary residence and automobile.
Live in households with incomes at or below the guidelines listed below:
| Number in Household | Total Household Income |
|---|---|
| 1 | $20,800 |
| 2 | $28,000 |
| 3 | $35,200 |
| 4 | $42,400 |
| 5 | $49,600 |
| 6 | $56,800 |
| 7 | $64,000 |
| 8 | $71,200 |
OR
Live in households eligible to claim the Earned Income Tax Credit (EITC):
| Family Size | Income Limit |
|---|---|
| Single w/ one child | $33,995 |
| Married w/ one child | $36,995 |
| Single w/ two children | $38,646 |
| Married w/ two children | $41,646 |
Program specifics:
- Match Rate = $4:$1
- Maximum Savings Amount: $1,000
- Maximum Match Available: $4,000
- Maximum Savings Period Ends August 2010
Program requirements:
- Must complete an approved basic financial education course.
- Must save a minimum amount on a monthly basis.
- Must participate in asset-specific counseling.
- Must contact case manager in order to access funds.
For more detailed information, please contact:
Cecilia Cervantes@Mile High United Way
Phone: 303-561-2224
Email: cecilia.cervantes@unitedwaydenver.org