Q: Are there any organizations in the Philadelphia, PA area are participating in the IDA Program?
A: For those of you that have never heard of this before, an IDA is:
An Individual Development Account (or IDA) that lets low-to-moderate income earners save money for a specific goal – such as a down payment on a house or starting a business – and receive matching funds from non-profit groups, corporations, and government agencies.
Many IDAs provide a $3 to $1 match, meaning for every dollar you save, you get $3 in contributions.
What’s the catch? You must agree to save money for a set period of time, usually at least one year. Some IDAs require you to set aside money for two or three years.
Whatever the term, it’s worth it – because you’ll get rewarded with a huge cash bonus in the end. I’ve written a whole chapter about IDA’s in my book Your First Home: The Smart Way To Get It and Keep It.
A: To find out about IDAs, the best place to search (in Philly or anywhere nationwide) is through the IDA Network. Their website is http://www.IDANetwork.org.
When you go to the site, click on the link that says “IDA Program Directory.” Here’s a direct link to that page: http://cfed.org/programs/idas/
From there, you just enter your zip code and put the number of miles from that distance you want to search.
For example, since I used to live in the University City section and other parts of Philadelphia, I know some Philly neighborhoods.
I entered zip code 19131 and then told it to search for any IDA programs within 10 miles of that zip code.
Here are the results that were returned to me:
|Catholic Charities, Diocese of Camden||1845 Haddon Avenue||Camden||NJ||08103||(856) 342-4146|
|Greater Philadelphia Urban Affairs Coalition||1207 Chestnut Street, 5th Floor||Philadelphia||PA||19107||(215) 851-1738|
|Philadelphia Housing Authority||12 South 23rd Street 6th Floor||Philadelphia||PA||19103||(215) 684-4174|
|United Way of Southeastern Pennsylvania||1709 Benjamin Franklin Parkway||Philadelphia||PA||19103||(215) 665-2561|
|Women’s Opportunities Resource Center||2010 Chestnut Street||Philadelphia||PA||19103||(215) 546-5500|
You should enter your own zip code and then you’ll see the closest banks/programs offering Individual Development Accounts in your area.