Home >> Research >> Economic Opportunity>> Asset Building

More Information

Related Topics

• Testimony: Senate Committee on Business and Commerce
• Testimony: Pensions, Investments, and Financial Services
• Savings Soars: OpportunityTexas’ Tax-Time Savings Project Triples Impact from Last Year

Also by Celia Cole

• Cuts to SNAP Will Hurt Texas Families Struggling to Afford Food
• Access to Healthy and Affordable Food is Critical to Good Nutrition
• We Must Maintain Our Investment in SNAP: An Efficient, Effective Way to Prevent Hunger and Reduce Food Insecurity

Individual Development Accounts Benefit Financial Institutions

  

Author:
Celia Cole /(512) 320-0222 x110

April 8, 2005

Read Full Article >>  

An Individual Development Account (IDA) is an interest-bearing, tax-free savings account created to help low- and moderate-income families build assets and move into the middle class. Each dollar a participant saves in an IDA is matched by public or private sources (e.g., banks, foundations, etc.). IDA deposits are exclusively limited to earned income.