Using individual development accounts
to save for a home: Are there differences by race?
Effects of Individual Development Accounts
on Asset Purchases and Saving Behavior: Evidence from a Controlled Experiment.
Saving for development: Intended uses and savings in Individual Development Accounts
Since 1999, the federal government has funded Individual Development Accounts
through the Assets for Independence Act, which to date has granted almost $150 million to local programs.
Seeing the important link between assets and financial well-being, the federal government in 1996 started to encourage Individual Development Accounts
The President's proposal builds on the successful model of Individual Development Accounts
(IDAs), extending generous matches to all low- and moderate-income families to encourage them to develop savings and assets (The White House 2000).
For example, Southern Good Faith Fund, through its Asset Builders program, matches $3 to every $1 clients deposit in their Individual Development Accounts
, matching up to a maximum $2,000 a person and $4,000 a household.
Bancorp Foundation in support of the Individual Development Account
The foundation offers an individual development account
(IDA) program through Iowa credit unions.
Katharine Emlen, owner of Creative Mind Publications in Eugene, said she saved $5,000 through eDev's individual development account
These strategies included financial education, home ownership counseling and incentives, asset accumulation through savings campaigns and Individual Development Account
programs (IDAs), and asset protection measures to help families avoid predatory lending and other "wealth-stripping" practices.
Nick Jacobsen won the $5,000 Banking prize for his application, MobileSaver, which is a mobile web portal for the management of an Individual Development Account