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What is the Individual Development
Account Program (IDA)?
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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) |
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What are the eligibility requirements |
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To be eligible
you must : |
Household Size Income Limit
1 $21,660
2 $29,140
3 $36,620
4 $44,100
5 $51,580
6 $59,060
7 $66,540
8 $74,020
Add
$3,740 for each additional person
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Be a resident
of San Antonio
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Show proof of household employment (example: 3 pay stubs)
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Meet the income eligibility guidelines
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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).
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How does the IDA Program work? |
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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* |
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Opening an Individual Development
Account (IDA) |
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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 . |
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Financial Literacy |
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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. |
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How can I use the money? |
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Homeownership: |
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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. |
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Education and Training: |
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Use your IDA funds to cover the costs of attending:
An accredited vocational or technical training institution
Community college
Four-year college |
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Application |
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To
determine eligibility complete the application and mail, fax,
or e-mail it to one of the addresses below.
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Click here:
IDA APPLICATION CHECKLIST 2009
IDA
APPLICATION 2009

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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. |
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IDA
Program |
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1325
N. Flores # 114 |
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San
Antonio, TX 78212 |
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Fax:
(210) 207-5914 |
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For further
information contact: |
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207-2836 |
IDA
Email |
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207-5916 |
IDA Email
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