Community Initiatives

About IDA Requirements Financial Literacy

Homeownership Education Application Contact Us

What is the Individual Development Account Program (IDA)?

The IDA Program is a special match savings program for people with limited income. IDA members will receive extra dollars and the tools needed to get a head start on building for their future by attaining long term assets. These assets include gaining secondary education and purchasing a home. For every dollar you save -up to $1000 - the City of San Antonio (COSA) will match it with four dollars. ($4 to $1)


	What are the eligibility requirements?

	To be eligible you must :	Household Size Income Limit
	Be a resident of San Antonio Show proof of household employment (example: 3 pay stubs) Meet the income eligibility guidelines If interested in the Homeownership you must have attended a Homebuyers Class prior to submitting an application (a listing of affordable housing has been attached to the application).	1 $20,800 2 $28,000 3 $35,200 4 $42,400 5 $49,600 6 $56,800 7 $64,000 8 $71,200 9 $85,600 For each additional person, add $7,200

	How does the IDA Program work?

	The IDA Program requires members to set up a special savings account at a partnering financial institution. Members will make the minimum deposit as per your saving agreement and in accordance to their own budget, into their account each month. For example: A member would deposit $32 the first month and the COSA deposits $128 match. Deposit $32 the next month and the same deposit is contributed. For the two months the total in their account will be $256. As you can see, the dollars add up quickly!!! Save $1000 in a Individual Development Account for college education and receive a total of $4000 in matching funds Save $1000 in a Individual Development Account for the down payment on a home and receive a total of $4000 in matching funds

	Opening an Individual Development Account (IDA)

	After submitting the proper documents and being approved members will be invited to attend an orientation session and financial literacy classes. Upon completion of financial literacy and signing a savings agreement, members can open your Individual Development Account …. and make their first deposit .

	Financial Literacy

	The Department of Community Initiatives offers Financial Literacy classes to help working families save, build and protect assets by changing financial behavior. Financial classes enhance working families' knowledge of personal finance and familiarize them with traditional financial products. Topics include: planning, budgeting, savings, investments, credit, and insurance.

How can I use the money?

Homeownership:

Use your IDA funds for the down payment and/or closing costs of a house to be used as the participant’s primary residence. Participants seeking to use their IDA funds for home ownership must attend a homeownership training program, before opening an IDA.

Education and Training:

Use your IDA funds to cover the costs of attending:

An accredited vocational or technical training institution

Community college

Four-year college



	Application

	To determine eligibility complete the application and mail, fax, or e-mail it to one of the addresses below.		Click here: IDA APPLICATION CHECKLIST 2008 IDA APPLICATION 2008
	If it appears you meet all program requirements, you will be requested to bring all support documents to the IDA office for review by a case manager.

IDA Program
1325 N. Flores # 114
San Antonio, TX 78212
Fax: (210) 207-5914

For further information contact:
Katherine Martinez	207-2836	Katherine.Martinez@sanantonio.gov

John A. Valadez	207-6097	John.A.Valadez@sanantonio.gov

Official Website of the City of San Antonio - Community Initiatives
Individual Development Accounts

	Home \| Privacy Policy and Disclaimer \| Text Only
	Website best viewed using Microsoft Internet Explorer 6.0 with screen resolution settings of 800x600.