Beyond Housing administers many of the Individual Development Accounts (IDAs) in the Greater St. Louis Asset-Building Collaborative sponsored by the United Way of Greater St. Louis. Money deposited into an IDA account is matched dollar for dollar through private and government funds. Depending on one’s income level, a dollar saved is matched by either one or two dollars. When an individual savings goal of $1,500 is reached, the account holder can withdraw those funds plus the matched dollars, totaling $3,000 or $4,500 according to income level.
Those matched funds can be used for qualified assets only. Examples include home purchase, certain home improvements, higher education tuition and related costs, and establishment or expansion of a small business.
We believe that as individuals acquire those assets, they are better able to realize their life goals, and communities are stabilized over the long term.
So how do you know if you qualify to have an IDA account? You qualify based on income.
To be eligible for a 2:1 match account (for every $1 you save, you get $2 matched) you must earn equal to or less than 200% of the federal poverty level for the total number of people in your household.
|
Family Size
|
200% of Federal Poverty Guidelines
|
Gross Monthly Income
|
|
1
|
$21,660
|
$1,805
|
|
2
|
$29,140
|
$2,428
|
|
3
|
$36,620
|
$3,052
|
|
4
|
$44,100
|
$3,675
|
|
5
|
$51,580
|
$4,298
|
|
6
|
$59,060
|
$4,922
|
|
7
|
$66,540
|
$5,545
|
|
8
|
$74,020
|
$6,168
|
|
For Each Additional Person, Add
|
$7,480
|
$623
|
To be eligible for a 1:1 match account (for every $1 you save, you get $1 matched), you can earn no more than 80% of the median income for St. Louis.
|
Persons in Family or Household
|
80% of St. Louis Area Median Income
|
Gross Monthly Income
|
|
1
|
$38,000
|
$3,167
|
|
2
|
$43,450
|
$3,621
|
|
3
|
$48,850
|
$4,071
|
|
4
|
$54,300
|
$4,525
|
|
5
|
$58,650
|
$4,888
|
|
6
|
$63,000
|
$5,250
|
|
7
|
$67,350
|
$5,613
|
|
8
|
$71,700
|
$5,975
|
If you are interested in an IDA account, you must first attend an orientation at Beyond Housing to learn more. Orientation classes are free of charge. Once you have attended the orientation, you have the opportunity to attend five financial education seminars to maximize your knowledge and choices. Details of the seminars will be announced at the orientation.
Once you have attended the orientations and completed the financial education course, you are eligible to open your IDA account to double or triple your money!
Announcing Our 2010 Orientation Schedule...On-line registration is temporarily unavailable.
Please contact Eric Zegel, IDA Services Manager, by e-mail at ezegel@beyondhousing.org with your name, mailing address, phone number and date of the class you wish to attend.
Saturday, February 6th, 9:00-10:00 AM
Monday, February 8th, 6:30-7:30 PM
Saturday, February 20th, 9:00-10:00 AM
Orientations will be held at the Beyond Housing Family Support Center, 1404 Ferguson Avenue, 63133, between Page Avenue and St. Charles Rock Road in Pagedale, MO. Parking is available in the lot on the south side of the building.
Read what former IDA participants have done with their matched savings. Since Jan 1, 2009 clients in the IDA collaborative have utilized over $35,000 in match funds for home purchases, home improvements, post-secondary education, and/or microenterprise costs.
John Pyron began his graduate work at University of Missouri, St. Louis in January 2008. He has been working towards a Certificate in University Teaching with an emphasis on English writing. It is his hope to eventually work in the university setting teaching creative writing. He used the IDA matched savings for tuition and books, classes, and other student expenses. John believes the IDA matched savings will help him work towards achieving his long-term goal.
John featured in his UMSL gear in front of the school sign on campus.
Recent comments from participants about our financial fitness seminars:
- “Thank you for allowing me to attend. This program should be available to a larger demographic.”
- “This is a GREAT program!”
- “The instructor is wonderful.”
- “I enjoyed this class and I learned a lot.”
- “Love the class!”
- “Everything is helpful.”
- “I would actually like to take additional courses on investment.”
- “Finding out about my credit will help me to get a house, and the instructor is really helping me.”
- “There is nothing about this class I would change.”
- “Great info!”
- “The program is very informative. I like the fact that it gives me resources to refer to further educate myself.”