TCA Individual Development Account (IDA) Program Summary

IDA is a special savings account designed to help low-to-moderate income Participants acquire one of the following assets:
* Homeownership
* Small business ownership or expansion
* College education/vocational training

Participants who enroll save a minimum of $25 of earned income per month, up to $2000 over 36 months. TCA matches the money saved 2:1, i.e.:
$1000 saved = $3000 with match
$2000 saved = $6000 with match

To be eligible, a Participant must meet the following household income requirements:
Family of 1 $19,600
Family of 2 $26,400
Family of 3 $33,200
Family of 4+ $40,000+

Other requirements are:
* Work at least part-time
* Develop a savings plan
* Participate in financial literacy and asset-specific training, which is paid by the IDA Program
* Make regular monthly deposits to savings account
* Spend the money on qualified expenses
* Agree to follow all stipulations in the Participant Agreement and Savings Agreement

It involves only a few steps:
1-Complete an application
2-Begin saving monthly
3-Receive one-on-one credit counseling
4-Attend financial management and asset-specific classes
5-Reach the savings goal
6-Obtain the asset

After completing the courses and reaching the savings goal, Participants can obtain the asset they have been working to obtain:
* Qualify to purchase a home
* Start a new business or expand an existing business
* Enroll in college or vocational training

TCA is committed to the success of our Participants by:
* Performing bi-weekly follow up
* Supplying needed referrals
* Continuing to encourage saving regularly
* Continuing to encourage debt reduction
* Providing follow up financial management training

IDA is dedicated to assisting Our Citizens rebuild their Families, as well as Our Communities, and we are diligently working to assist them in reaching their goals, by making their dreams come true!

We look forward to hearing from you, so that we could further discuss your possible enrollment into the IDA Program, and we are available at (504) 872-0329 (phone), or (504) 872-0339 (fax).

Dale Nunnery, IDA Program Coordinator


Jackie New, IDA Program Administrator