HCI Home >> Services >> Individual Development Accounts (IDA)

IDA's or Individual Development Accounts are matched savings accounts designed to help individuals or families to establish a pattern of regular savings and to purchase a "productive asset." A productive asset is something of value that is likely to return substantial long-term benefits to its owner - benefits like security, stability and opportunities for more income.

Participants can use their monies toward any of three productive assets:

• Home purchase or home improvements,
• Small business start-up or expansion or
• Post-secondary education.

Participants receive a 3:1 "savings match" for each dollar they save up to $30.00 per month. That means that if they save $30.00 this month, they will receive a match of $90.00 for a total savings of $120.00 for that month.

There is a cap of $666.67 on the participants part of savings, and a cap of $2000.00 for the matched funds for an individual. Only two participants per household are allowed to participate in the program.

Residents of Howard, Montgomery, Pike, Polk, Scott and Sevier Counties in Arkansas are eligible to join our program. We have an income limit of 185% of poverty level. Guidlines are as follows:

• A family of 2 can make $25,326.00 per year.
• A family of 3 can make $31,764.00 per year.
• A family of 4 can make $38,202.00 per year.
• A family of 5 can make $44,640.00 per year.
• A family of 6 can make $51,078.00 per year.
• A family of 7 can make $57,516.00 per year.
• And a family of 8 can make $63,954.00 per year.
• For each additional family member, add $6,438.00 per year.
• There is a $10,000.00 asset limit that excludes one vehicle and the primary residence of the participant.

Participants are required to save in the program for 24 months. They have to attend a personal finance and money management workshop class. Participants must also participate in asset-specific training.

Participants are required to save a minimum of $20.00 per month with a maximum of $30.00 per month.