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IDA Programs: Where to Find Matching Funds for Your Financial Goals

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Saving Money
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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/directory_search/

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:

Search Results

Organization Address City State ZIP Phone
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.

Good luck!

Tags: IDAIDAnetwork.orgIndividual Development Account
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All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

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