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 reaches a savings goal of $1,500, 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 of qualified assets include home purchase, certain home repairs, higher education tuition and some related costs, or establishment or expansion of a 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 to 1 match account (for every dollar you save, you get two matched dollars), you must earn equal to or less than 200% of the federal poverty level for the total number of people in your household. 

To be eligible for a 1 to 1 match account (for every dollar you save, you get one matched dollar), you can earn no more than 80% of the median income for St. Louis.  

Eric Zegel

314-533-0600,  Ext. 41

Tabu Boutique
Tabitha Pikes opened Tabu Boutique in the Delmar loop almost two years ago.  The IDA Program helped her not only to save the money to purchase the clothing racks, paint and marketing material; but, it also gave her the financial knowledge to better operate her business.



"The whole program was very informative," Tabitha said.  "Look over there. (pointing to her office desk) I keep my Financial Fitness binder handy for referencing."

Nedella’s Styles
Nedella Spears, mother and entrepreneur, established her own business. Nedella found out about the IDA program when she spotted an informational flyer in the mail.  She called to get more information, and said that from the very beginning, it was very easy to proceed with the program.  When she met with a service coordinator to discuss details, that individual was very complimentary of Nedella’s stylish and unique clothing, and remarked that she wished she could have something similar.  When Nedella explained that she made at least 90% of her own clothing, including the clothing the woman was admiring, the discussion naturally turned toward opening her own business. 

 

Nedella was intrigued by the thought of being able to save money that would be matched for her, and she was excited about establishing her own business.  Today, with the help of the IDA program, she has started Nedella’s Styles.  Some of her featured products are ponchos and matching hats, purses, and capes.  She specializes in joining beautiful fabrics and simple designs with her expert skills to make designer garments that are personally tailored.

Scholarly Pursuits...

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 including books, classes, and other student expenses.  John believes the IDA matched savings will help him work towards achieving his long-term goal.