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What We Do: Individual Development Accounts
Advancing the Common Good through Asset Building

Mile High United Way's Individual Development Accounts (IDAs) are matched savings accounts designed to help people build assets as a step toward self sufficiency.

Working with community partners, Mile High United Way is proud to offer the IDA program as an important building block for a good quality of life.

IDA Basics

Here's how it works:
blue bullet For every $1 you save you earn $4 in match.
blue bullet Maximum savings amount is $1,000
blue bullet Maximum match is $4,000
blue bullet Maximum savings period is 24 months
What money can be used for:
blue bullet Purchase a home.  (first time home buyers only)
blue bullet Start or grow a small business.
blue bullet Pay college tuition or for vocational education for yourself or a dependent.

Program Requirements:
blue bullet Participate in the program for a minimum of six months after opening the account.
blue bullet Complete approved, basic financial education classes.
blue bullet Finish classes related to your savings goal.
blue bullet Provide documentation for a qualified purchase to access matched funds.

How to Qualify

blue bullet Your net worth must not exceed $10,000, excluding your primary residence and automobile.   (net worth = what you own minus what you owe.)

AND

blue bullet

You must qualify based on your income or claim the Earned Income Tax Credit (EITC).   (see eligibilty information.)


2009 Metro Denver IDA Income Eligibility
blue bullet There are three ways to qualify for an IDA. They all involve family size, make up and income.
blue bullet You may qualify to open an IDA if you fall within the family size and income limits listed below. For instance, you qualify if there are two people in your family and your annual income does not exceed $29,140.

Family Size

1

2

3

4

5

6

7

8

9+

Income limit $21,660 $29,140 $36,620 $44,100 $51,580 $59,060 $66,540 $74,020

Add $7,480 for each person


OR

blue bullet Your family qualifies under the Earned Income Tax Credit Guidelines below and you have investment income less than $31,000 for the year. 


Number of Qualifying Children

Filing Single Adjusted Gross Income

Married Filing Jointly Adjusted Gross Income

0

$13,440

$18,440

1

$35,463

$40,463

2

$40,295

$45,295

3 or more

$43,279

$48,279



OR    Within the City and County of Denver
blue bullet IDAs are available at the higher income limits listed below to families with dependants starting or growing a business in Denver, or for education for individuals living or working in Denver.  Individuals can purchase a home in Denver whether or not they have dependants.

Family Size

1

2

3

4

5

6

7

8

Income limit $42,550 $48,650 $54,700 $60,800 $65,650 $70,550 $75,400 $80,250

The funding source for this opportunity is the City and County of Denver, Office of Economic Development.


How to Apply

If you are interested in finding out more information about the IDA program please attend an IDA information session. Please sign up for a session on the IDA Calendar.

Once you have attended an information session and have completed the application packet you can sign up for an IDA orientation.
Please bring to the orientation:
  • your application packet
  • paystubs
  • 2009 tax return
  • a photo ID

  • If you have a specific questions that you would like answered prior to attending an orientation you can email the IDA staff.

     


    Useful Links
    For all Participants
    blue bullet IDA Calendar:  Listing of available financial education classes and IDA information sessions and orientations.
    For Homeownership Participants
    blue bullet

    CHFA Courses:   Listing of upcoming homeownership courses required prior to purchasing a home with the IDA program.

    blue bullet

    Community Resources & Housing Development Corporationa partner of the IDA program providing homeownership counseling and financial empowerment training. You can contact CRHDC directly at 303-428-1448 x208.;

    blue bullet NEWSED:    a non-profit partner of the IDA program providing homeownership counseling. You can contact NEWSED directly for an appointment at 303-534-8342 x 107.

    For Business Participants
    blue bullet

    Rocky Mountain MicroFinance Institute (RMMFI): an IDA partner non-profit providing business classes for a sliding fee. RMMFI can be contacted directly at 720-941-5037.

    blue bullet

    Mi Casa Resource Center:   a non-profit partner of the IDA program providing SBA funded business classes in English and Spanish for a sliding fee scale. Mi Casa can be contacted directly at (303) 539-5606.

    blue bullet

    SCORE Denver local chapter of a national non-profit, providing business training classes and mentorship with volunteers who have business experience and expertise. The Small Business Start-Up Seminars fulfill the IDA business classes requirement. You can register for the classes online.


    For Education Savers
    blue bullet College Invest:   a non-profit division of the Colorado Department of Higher Education providing tools, savings plans, scholarships, and loans.
    blue bullet

    Free Application for Federal Student Aid (FAFSA):  On-line application to apply for federal student loans and grants.

    blue bullet

    College in Colorado:   a website initiated by the Colorado Department of Higher Education to provide all the tools necessary for adults and youth to continue their education.


    For Partner Agencies (requires a password and permissions from the IDA staff)
    blue bullet IDA documents and policies
    blue bullet

    IDA on-line database


    Success Stories
    blue bullet Sweet Success

    Mile High United Way's Individual Development Accounts Progaram (IDA) helped Marjorie make her sweet dreams come true.
    blue bullet From Victim to Victorious

    Brooke was featured as a Mile High United Way success story two years agao.  At that point in time, she had just overcome the odds by conquering her drug addiction, escaping from domestic abuse andwinning back her children.

    Today, Brooke is self sufficient, financially stable and most important - she's happy. 
    blue bullet James, Focusing on DisABILITY

    A random act of violence left James in a wheelchair in 2001. I was in the wrong place at the wrong time and as a result, I am now paralyzed from the waist down, he said.



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