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Individual Development Accounts (IDAs)

This special collection includes a categorized and selected listing of articles, fact sheets, papers, reports and surveys. It is offered as an additional tool to assist advocates working on and interested in Individual Development Accounts (IDAs) and how they relate to ending violence against women. Items in this collection may appear in more than one place for ease of use. Direct links to the documents are provided from this page. Those interested in this topic may also want to review material contained in the topic areas credit, employment and welfare. Comments and content suggestions welcome. Contact the National Resource Center on Domestic Violence at 1-800-537-2238; 1-800-553-2508 (TTY).

Acronym & Abbreviation Key:

This is a list of organizational, legislative, and trade-related acronyms and terms contained in the annotated entries of this special Individual Development Account (IDA) collection.

AFIA – Assets for Independence Act of 1998
AFI – Federal Assets for Independence Program
AMI – Area Median Income
CFED – Formerly known as the Corporation for Enterprise Development
CSD – Center for Social Development
FPG – Federal Poverty Guidelines
IDA – Individual Development Account
SCHIP – State Children’s Health Insurance Program
SSI – Supplemental Security Income
TANF – Temporary Assistance to Needy Families

Table of Contents

IDA Basics
An IDA, or individual development account, is a special savings account for people with low incomes and minimal assets. Money saved in an IDA account is matched with donated dollars. Match rates vary, but are typically 2:1 or 3:1. Savings must be used for specific asset-building purchases or investment, such as to buy a home, pay for education, or to start a small business. Some programs are more flexible than others and may allow savings to be used for home repairs and car purchases, for example.
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  • Encouraging Saving: Financing Individual Development Account Programs PDF (24 p.) by The Finance Project (October 2002)
    This report has general information about IDA, as well as, general guide principles for using IDAs. [More Info]
  • Fact Sheet on Individual Development Accounts PDF (2 p.) by Comptroller of the Currency Administrator of National Banks ((August 2005))
    This document, in Q&A format, explains the basics of IDAs and is written for consumers. Eligibility, selecting a program, and general differences between programs are covered. [More Info]
  • Individual Development Accounts: How Legislators Can Use IDAs as a Tool to Increase Homeownership and Promote Asset Development HTM (8 p.) by R. Finzel, National Conference of State Legislatures (August 2005)
    This briefing describes the history of asset development policy, what an IDA is, research on the use and effectiveness of IDAs, various policy options, and challenges faced by IDA programs. A table of state public funding sources is included. [More Info]
  • Individual Development Accounts Glossary HTML (8 p.) by CFED
    This online glossary gives brief descriptions of relevant IDA terms, legislation, funding streams, and institutions. [More Info]

IDAs and Eligibility for Public Benefits
Asset limits refer to “the maximum level of assets a household can own without jeopardizing that household’s eligibility to receive various forms of public assistance, including Temporary Assistance for Needy Families, food stamps, and Medicaid. Asset limits are established by the federal and, in some cases, state governments and affect both those currently receiving assistance and those seeking to receive assistance.” (CSD, IDA State Policy Briefs, IDAs and Public Assistance Asset Limits).
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  • IDAs and Public Assistance Asset Limits: What States can Do to Remove Penalties for Saving PDF (6 p.) by Center for Social Development, IDA State Policy Briefs
    This brief explains TANF IDAs, AFIA IDAs, and “non-TANF, non-AFIA IDAs, and the ramifications of these differing accounts on TANF, Food Stamps, Medicaid, SCHIP, SSI, and housing assistance. State discretion is emphasized in maximizing eligibility. [More Info]

Fact Sheets
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  • Fact Sheet on Individual Development Accounts PDF (2 p.) by Comptroller of the Currency Administrator of National Banks ((August 2005))
    This document, in Q&A format, explains the basics of IDAs and is written for consumers. Eligibility, selecting a program, and general differences between programs are covered. [More Info]
  • Individual Development Accounts HTML (2 p.) by Center for Policy Alternatives
    This document is a policy brief with talking points and statistics on IDAs. [More Info]

Glossaries
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  • Individual Development Accounts Glossary HTML (8 p.) by CFED
    This online glossary gives brief descriptions of relevant IDA terms, legislation, funding streams, and institutions. [More Info]

Federal Assets for Independence Program
The Assets for Independence Act (AFIA) is a Federal law that supports Individual Development Account (IDA) programs. Originally passed in 1998, AFIA was authorized at $125 million for five years. Congress appropriated $10 million for its first two years and has provided full funding, $25 million, every year since then. The AFI program is administered by the Office of Community Services (OCS), within the Administration for Children and Families, of the U.S. Department of Health and Human Services.
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  • AFI Project Builder: Guide for Planning an Assets for Independence Project PDF (51 p.) by Office of Community Services, Administration for Children and Families, U.S. Department of Health and Human Services (Revised June 2005)
    This guidebook provides the nuts and bolts on how to design an AFI project. A short section also makes the case for why asset building is an important strategy for addressing poverty and building self-sufficiency. [More Info]
  • Assets for Independence Demonstration Program: Status at the Conclusion of the Third and Fourth Years - Interim Report to Congress PDF (64 p.) by U.S. Department of Health and Human Services, Administration for Children and Families, Office of Community Services (May 2004)
    This report is an overview of AFI grants and grantees through 2003. It includes data on characteristics of account holders, deposits, withdrawals, support services, and savings accounts characteristics. [More Info]

Financial Education
Financial education is often a required component of IDA program participation. Even where not required, financial information on banking, borrowing, credit, charge cards, taxes, budgeting, and investments may be helpful for advocates and survivors. There are many different curricula used by IDA programs. Some programs create their own financial education trainings and others use developed curricula from other organizations. Asset-specific training, such as home ownership, microenterprise development, and postsecondary education are also commonly offered with IDA programs. (See CFED, 2003 IDA Program Survey Results, Appendix A herein for a listing). Items listed here are a beginning list; we anticipate expanding this collection. Current information includes links for financial education programs as well as briefs and reports about how to assess and improve access to relevant financial counseling for all.
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  • Economic Education Programs for Battered Women: Lessons Learned from Two Settings PDF (25 p.) by Katie Ciorba VonDeLinde & Amy Correia, Building Comprehensive Solutions to Domestic Violence, National Resource Center on Domestic Violence (April 2005)
    This BCSDV paper discusses economic education, sometimes also called, "financial or economic literacy." The discussion describes well-established economic education programs based in domestic violence agencies in Iowa and St. Louis, Missouri. [More Info]
  • Taking Control: A guide to Massachusetts’ resources for economic stability DOC (70 p.) by L. LaBrecque, HarborCOV (2002)
    This guide is a financial resources book for DV survivors. The information is in a Q&A format. Topics covered include: job search, education, training, public benefits, health care, banking, credit repair, budgeting, and taxes. [More Info]
  • Financial Counseling: A Meaningful Strategy for Building Wealth in the Latino Community PDF (8 p.) by B. Ibarra, National Council of La Raza (2005)
    This brief puts context, particularly for the Latino community, to financial education initiatives. Access to financial planners (beyond education programming) is a primary theme. Current policy efforts and recommendations for improvement are made. [More Info]
  • Financial Education in Latino Communities: An Analysis of Programs, Products, and Results/Effects PDF (69 p.) by National Council of La Raza (2004)
    This report includes a snapshot of the economic status of Latinos in the U.S., a research review, an overview of Hispanic-focused financial education efforts, challenges and opportunities of reaching Latino consumers, and elements of successful programs. [More Info]
  • Hope & Power for Your Personal Finances: A Rebuilding Guide Following Domestic Violence by National Coalition Against Domestic Violence (2000)
    This participant workbook can help survivors learn about, and organize, the financial aspects of their lives. Topics covered include financial inventories, budgeting, and job search. This resource is a component of NCADV’s Financial Education Project. [More Info]
  • Building Native Communities—Saving for the Future, Individual Development Accounts (IDAs) for Native Families PDF (88 p.) by First Nations Development Institute, First Nations Oweesta Corporation, and CFED (2005)
    This interactive workbook is part of the Building Native Communities curriculum series on financial education. It is designed for specific use with IDA programs. [More Info]
  • Financial Education in Native Communities: A Briefing Paper PDF (32 p.) by J. Malkin, First Nations Development Institute, National Congress of American Indians, and the Corporation for (2003)
    This briefing is organized into four main topics: access to capital and financial services, need for financial education, efforts to promote financial skills in Native communities, and goals and objectives for further exploration and action. [More Info]
  • Financial Education Clearinghouse List of Educational Materials, Personal Finance Basics HTML by National Endowment for Financial Education
    This annotated listing provides descriptions of 50 different basic financial literacy training programs, including some specific for IDA work. Information includes costs, available languages, media type, and contact information. [More Info]

Laws & Regulations
The Assets for Independence Act (AFIA) is a Federal law that supports Individual Development Account (IDA) programs. Originally passed in 1998, AFIA was authorized at $125 million for five years. Congress appropriated $10 million for its first two years and has provided full funding, $25 million, every year since then. (From CFED, “The Assets for Independence Act.”). Some IDA programs are known as “TANF IDAs.” These programs meet the criteria for IDAs established in 1996 as part of the Personal Responsibility and Work Opportunity Reconciliation Act, a/k/a welfare reform. This federal law on TANF IDAs can be found at Section 404(h) of the Social Security Act. As of October 2005, thirty-five (35) states have legislated IDAs.
Federal Law
  • Assets for Independence Act - Community Opportunities, Accountability, and Training and Educational Services Act of 1998, Title IV, Assets for Independence Act, P.L. 105-285 HTML (11 p.)
    (setting criteria for IDAs under the AFIA program) [More Info]
  • Social Security Act § 404(h) - 42 U.S.C. 604(h) HTM (6 p.)
    (setting criteria for IDAs under the TANF program) [More Info]
State Laws & Regulations
  • State-by-State, IDA Policy Information HTM by Center for Social Development (January 2003)
    This on-line database provides basic information on IDA state law, links to state-level IDA programs, and applicable rules and regulations. Short summaries of legislative history and state program development are also available. [More Info]

Annual Area Median Income Figures
The U.S. Department of Housing and Urban Development (HUD) determines and reports on the annual area median income (AMI) sometimes also referred to as Median Family Income (FMI) figures. A percentage of AMI is sometimes used as an income eligibility measure for IDA programs. Local public housing authorities are a good source for AMI figures.
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  • FY2008 Income Limits HTML (2 p.) by U.S. Department of Housing and Urban Development (Effective 2/13/2008)
    [More Info]

Poverty Guidelines
The Federal Poverty Guidelines are used to determine income eligibility for many IDA programs. The federal poverty guidelines are issued annually by the U.S. Department of Health & Human Services and are used to determine eligibility for various social services programs. Another income eligibility measurement for IDA programs is the “Area Median Income” or AMI. See above under that category.
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  • The 2009 HHS Poverty Guidelines SHTML (3 p.) by U.S. Department of Health & Human Services (2009)
    This document provides the 2009 poverty guideline amounts and also describes what the guidelines are, how they are used, and how they are similar and different to the poverty threshold. Links to background information are provided. [More Info]

Reports
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  • Why Children's Development Accounts: Arguments and Evidence to Support Long-Term Asset Building Accounts for America's Youth PDF (8 p.) by Saving for Education, Entrepreneurship, and Downpayment (SEED) Initiative (August 2008)
    This guide provides data and other information regarding creating asset building for children. [More Info]
  • Status of State Supported IDA Programs in 2005 PDF (35 p.) by N. Warren and K. Edwards, Center for Social Development (October 2005)
    This report describes results from a 2005 survey of state-sponsored IDA programs by CSD. Information reported includes IDA policy background, state funding allocations and sources, state-level collaborations, and efforts to recruit diverse populations. [More Info]
  • State Policy Trends for Individual Development Accounts in the United States: 1993-2003 PDF (15 p.) by K. Edwards and L. M. Mason, Center for Social Development (May 2003)
    This policy report explains the IDA movement, the case for asset-based policy development, trends in state IDA policy development, and analysis of selected state law provisions and policies. Challenges for the future are offered. [More Info]
  • State-level Individual Development Account (IDA) Policy: Opportunities and Challenges for Rural Areas PDF (27 p.) by K. Edwards and J. Bailey, Center for Social Development (2006)
    This report gives a brief IDA policy history and outlines variations in state level policy and how they affect rural populations. Special attention is paid to policy reforms to make IDAs more relevant and helpful for different rural populations. [More Info]
  • Promoting Economic Security for Working Families: State Asset Building Initiatives PDF (5 p.) by H. McCulloch, Fannie Mae Foundation (July 2005)
    This report gives context to how IDAs fit within the broader asset-building movement. State asset policy initiatives in CA, DE, PA, HI, IL, and MI are highlighted. A glossary of state level policy tools is provided. [More Info]

Research
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  • State Policy Options to Encourage Asset Development for Low-Income Families PDF (17 p.) by NGA Center for Best Practices (February 2006)
    This article addresses concerns regarding low-income individuals gaining self-sufficiency. It outlines specific policies state should adopt. [More Info]
  • Assets for Independence Act Evaluation: Impact Study Update PDF (46 p.) by Abt Associates (September 2003)
    This study reviews the AIA and provides statistical information as to its impact on individuals. [More Info]
  • Savings Experiences Past and Present: Narratives From Low-Income African American Women by M. Shobe and K. Christy-McMullin, Affilia, Vol. 20, No. 2. (Summer 2005)
    This study describes the IDA savings experiences of 9 African-American women. The paper reports on the women’s explanations of their past and present financial experiences, barriers to savings, and the impact of the IDA program. [More Info]
  • Financial Education in Latino Communities: An Analysis of Programs, Products, and Results/Effects PDF (69 p.) by National Council of La Raza (2004)
    This report includes a snapshot of the economic status of Latinos in the U.S., a research review, an overview of Hispanic-focused financial education efforts, challenges and opportunities of reaching Latino consumers, and elements of successful programs. [More Info]

IDA Programs in Indian Country
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  • Sovereign Individuals, Sovereign Nations: Promising Practices for IDA Programs in Indian Country PDF (72 p.) by S. Dewees & L. Florio, First Nations Development Institute (October 2003)
    This research report provides an overview of existing Native IDA Programs, a conceptual framework for understanding unique issues in Indian Country, and funding sources. Lessons learned are provided. [More Info]
  • Asset Building in Native Communities: An Asset Building Framework PDF (27 p.) by First Nations Development Institute (January 2004)
    This study describes specifically how IDAs affect and can be used by the Native American Community. [More Info]
  • Native Financial Education Coalition’s Youth Initiative PDF (14 p.) by Fannie Mae Foundation (December 2005)
    This report gives an outline of youth initiative for the Native American community. [More Info]
  • Native Financial Education Coalition Policy Brief PDF (2 p.) by Native Financial Education Coalition (April 2006)
    The brief highlights the role that financial education plays in the future of Native America, focusing on the following five policy priorities and related recommendations. [More Info]

State-By-State Information
As of October 2005, thirty-five (35) states have legislated IDAs. Approximately 22 state-supported IDA programs, plus the District of Columbia and Puerto Rico are currently in operation. (From: “Status of State Supported IDA Programs in 2005, CSD Policy Report 05-03, October 2005, at 1).
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  • Summary Tables: IDA Policy in the States PDF (19 p.) by Center for Social Development (March 2004)
    This document provides six summary tables regarding state-level IDA policy. Tables include information on legislation and policy initiatives, sources of public funding, IDA program support, eligibility, match rates, and approved uses. [More Info]
  • State-by-State, IDA Policy Information HTM by Center for Social Development (January 2003)
    This on-line database provides basic information on IDA state law, links to state-level IDA programs, and applicable rules and regulations. Short summaries of legislative history and state program development are also available. [More Info]
  • State Policy Trends for Individual Development Accounts in the United States: 1993-2003 PDF (15 p.) by K. Edwards and L. M. Mason, Center for Social Development (May 2003)
    This policy report explains the IDA movement, the case for asset-based policy development, trends in state IDA policy development, and analysis of selected state law provisions and policies. Challenges for the future are offered. [More Info]
  • State IDA Policy Contacts PDF (13 p.) by Center for Social Development (February 2007)
    This listing contains state-by-state IDA policy contacts, including names, organizational information, addresses, phone numbers, and email addresses. [More Info]

Statistics on IDAs
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  • Individual Development Accounts: How Legislators Can Use IDAs as a Tool to Increase Homeownership and Promote Asset Development HTM (8 p.) by R. Finzel, National Conference of State Legislatures (August 2005)
    This briefing describes the history of asset development policy, what an IDA is, research on the use and effectiveness of IDAs, various policy options, and challenges faced by IDA programs. A table of state public funding sources is included. [More Info]
  • Status of State Supported IDA Programs in 2005 PDF (35 p.) by N. Warren and K. Edwards, Center for Social Development (October 2005)
    This report describes results from a 2005 survey of state-sponsored IDA programs by CSD. Information reported includes IDA policy background, state funding allocations and sources, state-level collaborations, and efforts to recruit diverse populations. [More Info]
  • A Look at the Growing Individual Development Account Field: Results from the 2003 Survey of IDA Programs PDF (43 p.) by CFED (2003)
    This report and executive summary includes data on IDA impact, participant demographics, permissible uses and match rates, savings requirements, related services offered, funding, roles of financial institutions, and program staffing. [More Info]
  • Assets for Independence Demonstration Program: Status at the Conclusion of the Third and Fourth Years - Interim Report to Congress PDF (64 p.) by U.S. Department of Health and Human Services, Administration for Children and Families, Office of Community Services (May 2004)
    This report is an overview of AFI grants and grantees through 2003. It includes data on characteristics of account holders, deposits, withdrawals, support services, and savings accounts characteristics. [More Info]

Finding an IDA Program
CFED reports that as of 2002 there were more than 500 IDA programs and over 20,000 account holders in the United States. (CFED, A Look at the Growing Individual Development Account Field, 2003).
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  • IDA Online Directory HTML by CFED (2004)
    This online directory of IDA programs is searchable by state, organization type, funding sources, financial institution, and target population. [More Info]
  • State IDA Policy Contacts PDF (13 p.) by Center for Social Development (February 2007)
    This listing contains state-by-state IDA policy contacts, including names, organizational information, addresses, phone numbers, and email addresses. [More Info]
 October 25 2004 11:23 AM
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