Foster Youth IDA Program
The YMCA has expanded its Foster Youth IDA Program, which provides matched savings accounts and financial education for youth to purchase a computer or housing, or to pay rent or tuition/job training.
What is an Individual Development Account (IDA)?
An IDA is a matched savings account that earns one dollar for every dollar you save. You can save up to $1,000 in your account and we will match you with up to $1,000 for a total of $2,000 to spend. With an IDA account you will learn how to manage your personal finances and work with a case manager to help you save and reach your goal.
In addition to working with someone to help you save your own income, you can also earn incentives with the IDA program. There is a list of things that you can do (financial education classes and workshops, regularly meeting with case manager) where you can earn an incentive that is deposited into your IDA account and is treated as a deposit of your own money.
What is required of me once I am accepted in the program?
- Attend an orientation
- Open an IDA savings account with a bank/credit union partner within one month of acceptance
- Save at least $10 every month for 6 months
- Attend required trainings
- Attend a “Working Your Money” class at the YMCA in the first 2 months
- Attend a housing classes (if planning on using IDA for housing purposes)
- Meet with your IDA Case Manager to learn how to comparison shop for the asset you are saving for (Computer, Education, Housing)
What can I use my IDA to purchase?
- rent, move in costs, security deposit, damage deposit, or up to $500 for approved home furnishings.
- Your name must be on a lease in order to use IDA funds towards housing.
- If you live with roomates you may only use IDA funds to cover your portion of the rent.
- You may not use IDA funds for rent if you already have a rent subsidy/ Section 8
- Tutition or school supplies.
- You must provide us with a tuition statement that lists the courses you are taking and a syllabus that lists the supplies needed for the course in order to use IDA funds for education.
- Computer, laptop, and/or software needed to use the computer for postsecondary education or training.
- IDAs cannot be used to purchase games or non-necessity entertainment items such as web cams, microphones, and sound cards unless approved by a case manager.
- A maximum of $1500 may be spent on a computer
Apply for the IDA program today!