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Individual Development Account (IDA)

Watch your money multiply with a 2:1 or 4:1 matching grant

The Individual Development Account (IDA) program  is a savings account program with a matching grant (up to $4,000), designed to help qualified individuals save money for thier own continuing education or first-time homeownership.  Qualified individual may save up to $1,000 and receive a matching grant (up to $4,000) for the continuing education of a child or spouse.

IDA program participants saving for continuing education must save a minimum of $10 per month with an approved financial instution.  The minimum monthly savings for homeownership is $20.  All IDA savings deposits must come from regular earnings (wages or self-employed) and must continue for a minimum of 6 months.  Federal and state income tax refunds may also be added to an IDA savings account to reach your goal more quickly.

Those accepted into the IDA program are provided with free financial education and case management support.  They are also required to engage in additional training/counseling, depending on their savings goal.  For example; those saving for a new home must complete at least 6 hours of specialized classes dealing with various aspects of homeownership and those saving for contuining education must cover certain issues with a faculty advisor.  Of course, all training, and case management is provided without cost.

The above is a brief overview of the the IDA program, Additional considerations and requirements apply before one enters or completes the program.

CADCOM is partnered with the United Way of Greater Philadelpha and Southern New Jersey in this IDA program.  Federal and private funding contribute to matching funds granted to those who complete the program.   


Participants must:

  • Be in a household that is below 200% of the federal povery guidelines when porgram starts

  • Save a minimum of $10/month for education savings; $20/month for homeownership.

  • Remain in the program for 6 to 24 months to recieve matching funds

  • Complete all required paperwork, financial training and counseling

  • Be in compliance with all program protocols and not miss any monthly saving deposits

Participants who meet ALL pogram requirements will be granted matching funds: 4:1 for educational savings ($4,000 max.) and 2:1 for homeownership savings ($4,000 max.)

Program Contact Information

Director of Asset Development

Phone:  (610) 277-6363 ext. 120

Fax:      (610) 277-7399


Program Sponsors/Funding

Partners in matching funds are provided by:

  • Federal Funding

  • United Way of Greater Philadelphia and Southern New Jersey

  • Ira Lupert, a Philadelphia real estate philanthropist

Other Partners:


  • PA Department of Community and Economic Development

  • TruMark Federal Credit Union

  • National Penn Bank


Income Guideline

To enter the IDA program, participants must fall below 200% of the Federal Poverty Guidelines.   Please see IDA brochure for 2017 specifics.

What Does the Program Provide?


The United Way of Greater Philadelphia and Southern New Jersey will prepare checks payable to the participant's institution of post-secondary education or their realtor/abstract company, depending upon the savings goal


  • Education savers who save $1,000  will have a $4,000 match check issued

  • Homeownership savers who save $2,000 will have a $4,000 match check issued

Program Background and Details


Participants must have a specific asset-acquiring goal for the use of the money.  Approved goals presently include: purchasing a home and post-high school education for yourself, spouse or child.

All participants must complete at least 6 hours of approved personal financial education that includes money management, credit analysis and repair, basic knowledge about financial institutions and financial services.

Participants savings for homeownership must also complete 6 hours of approved first-time homeownership education that includes all aspects of the purching process (realtors, credit scores, mortgages, home inspections, etc.) and other issues relating to responsible homeownership (insurance, maintenance, etc.).

Participants saving for post-secondary education must also complete certain asset-specific education consistent with their educational goals.

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