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CADC accepting Individual Development Account applications - Magnolia Reporter - Magnolia, Arkansas News: Community Groups

CADC accepting Individual Development Account applications

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Posted: Thursday, August 22, 2013 6:00 am

Central Arkansas Development Council's Individual Development Account (IDA) program has begunĀ enrolling applicants.

The IDA Program is offered in Calhoun, Clark, Columbia, Dallas, Hot Spring, Lonoke, Montgomery, Ouachita, Pike, Pulaski, Saline and Union counties.

IDA's are interest-bearing 3-to-1 matched savings account that can be used to purchase an approved asset. For eligible participants, IDA's can provide money to open or expand a small business, help pay for college expenses, purchase a home for a first-time homebuyer, or make home repairs. Persons who qualify can receive up to $2,000 per individual or $4,000 per family.

To be eligible, the individual or family must have earned income and meet current income guidelines, which for this program is 185 percent of the federal poverty level. Based on these guidelines, a two-person household must make less than $2,391.13 per month to qualify for this program. For each additional family member, add $610.50 to the monthly income to determine eligibility. Program participants agree to save at least $667, must complete the Money Smart financial literacy curriculum, and must have a minor child in the home.

Other guidelines also apply.

For more information, contact CADC at 501-778-1133.

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