What is an Individual Development Account (IDA)?

An IDA is a dedicated savings account designed to help low-income individuals and families achieve specific medium and long-term savings goals.

• For every $1 saved, the program will match an additional $2, with a maximum of $6000 ($2000 saved, $4000 matched).

• The maximum term during which you receive matching funds is three years.

• Withdrawals can be made under special circumstances.

How do I know if I qualify?

To participate in LIFETIME’s program, account holders must meet the following criteria:

• Be a resident of San Francisco County (see below for information on other counties)

• Have a social security number

• Be over the age of 18

•  Have a source of earned income

• Have an overall income that is 200% below the federal poverty level  (nb: if you receive CalWORKs or qualify for the earned income tax credit, then you meet this requirement)

How much should I save each month?

Participants are required to make a deposit each month.   To save $2000 in three years, the average deposit should be $55.55.  The monthly deposit can be as little as $1, but no greater than $200.

 Monthly statements are mailed to each participant to show their progress.

Are there any other obligations to the program?

Attend 8 hours of financial management training (2-3 classes, date and locations vary)

Attend classes pertaining to the participant’s specific asset goal

Attend 2 investor workshops per year

What can I use my savings toward?

Savings from an IDA account is intended to be used to fund post-secondary education and job training, microenterprise, or the first-time home ownership

What if I need the money for emergency purposes?

Account holders who withdraw money for purposes other than their savings goal will lose the match funds on that portion of their $2000 personal savings.  The withdrawal will require the approval of the program staff and must be at least 6 months after the participant enrolled in the program.

HOW CAN I GET STARTED???

Attend an orientation! (Check the LIFETIME calendar for upcoming orientations.) 

What if I don’t live in San Francisco?

• In Alameda County: Contact EBALDC (East Bay Asian Local Development Corporation) (510-287-5353) to see if they are accepting new account holders.

• In Contra Costa County:

• In Santa Clara County: Contact Assets for All Alliance (408-297-0204) to see if they are accepting new account holders.

• In San Mateo County: Contact Assets for All Alliance (408-297-0204) to see if they are accepting new account holders.