What is a KDVA Individual Development Account or IDA?
A KDVA Individual Development Accounts (IDA) is a savings account set up to help survivors save toward a specific goal. Participants’ savings earn matching funds when the program requirements are completed, so that savings grow quickly. Some IDAs may be appropriate for teenage children of survivors. During the program, IDA savers participate in financial education and one-on-one budgeting and credit counseling sessions.
What can IDAs be used for?
KDVA operates a “Classic” IDA program, federally funded by Assets for Independence, and a Car-IDA program, supported by private and corporate funders including the Allstate Foundation.
The Classic IDA can be used toward the purchase of a first home, post-secondary education, the start-up or expansion of a small business, or for a dependent child’s post-secondary education.
The Car IDA program helps survivors obtain vehicles when their lack of reliable transportation becomes a barrier to employment, housing, school, etc.
Click here for eligibility information for KDVA’s IDA programs.