Community Action Partnership
Community Action Partnership of Riverside County
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Individual Development Accounts (IDA)

 


IDA is a matched savings incentive program for low-income residents of Riverside County. Participants must have earned income from a job or self-employment to be eligible for the program. Participants attend a series of both mandatory and elective workshops to increase financial knowledge as well as to become better prepared for their goal. They open a savings account and contribute to it to reach the goal of $1,000 savings to be matched.
 
How is this different from other savings accounts?

 

ida gradA "savings match" is a promise to supplement an IDA participant's savings deposits at a specific rate; in other words, a 4:1 savings match means that for every one dollar a RivCo IDA participant saves (up to a maximum of $1,000), he or she will earn another 4 dollars toward the purchase of his or her total asset (maximum match of $4,000).

 

Matching funds can ONLY be used for one of three goals:Robert, Brook, Lizzy & Robert Reil, Jr.

 1.       Start or expand a small business,

  2.       Advanced educational or vocational training, or

  3.       Buy a first home.

 

 

IDA Workshops Schedules:
  

April

May

June

July

August

 Click here for more IDA information