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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:
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For every $1 you save you earn $4 in match. |
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Maximum savings amount is $1,000 |
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Maximum match is $4,000 |
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Maximum savings period is 24 months |
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What money can be used for:
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Purchase a home. (first time home buyers only) |
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Start or grow a small business. |
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Pay college tuition or for vocational education for yourself or a dependent. |
Program Requirements:
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Participate in the program for a minimum of six months after opening the account. |
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Complete approved, basic financial education classes. |
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Finish classes related to your savings goal. |
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Provide documentation for a qualified purchase to access matched funds. |
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| How to Qualify |
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Your net worth must not exceed $10,000, excluding your primary residence and automobile. (net worth = what you own minus what you owe.) |
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AND
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You must qualify based on your income or claim the Earned Income Tax Credit (EITC). (see eligibilty information.)
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2009 Metro Denver IDA Income Eligibility
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There are three ways to qualify for an IDA. They all involve family size, make up and income. |
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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. |
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Family Size
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1
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2
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3
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4
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5
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6
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7
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8
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9+
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| Income limit |
$21,660 |
$29,140 |
$36,620 |
$44,100 |
$51,580 |
$59,060 |
$66,540 |
$74,020 |
Add $7,480 for each person
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OR
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Your family qualifies under the Earned Income Tax Credit Guidelines below and you have investment income less than $31,000 for the year. |
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Number of Qualifying Children
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Filing Single Adjusted Gross Income
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Married Filing Jointly Adjusted Gross Income
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0
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$13,440
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$18,440
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1
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$35,463
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$40,463
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2
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$40,295
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$45,295
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3 or more
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$43,279
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$48,279
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OR Within the City and County of Denver |
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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. |
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Family Size
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1
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2
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3
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4
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5
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6
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7
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8
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| 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.
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| How to Apply |
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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.
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your application packet
paystubs
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2009 tax return
a photo ID
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If you have a specific questions that you would like answered prior to attending an orientation you can email the IDA staff.
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| Useful Links |
| For all Participants |
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IDA Calendar: Listing of available financial education classes and IDA information sessions and orientations. |
| For Homeownership Participants |
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CHFA Courses: Listing of upcoming homeownership courses required prior to purchasing a home with the IDA program.
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Community Resources & Housing Development Corporation: a partner of the IDA program providing homeownership counseling and financial empowerment training. You can contact CRHDC directly at 303-428-1448 x208.;
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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 |
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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.
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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.
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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.
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| For Education Savers |
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College Invest: a non-profit division of the Colorado Department of Higher Education providing tools, savings plans, scholarships, and loans. |
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Free Application for Federal Student Aid (FAFSA): On-line application to apply for federal student loans and grants.
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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.
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Success Stories
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|  Sweet Success
Mile High United Way's Individual Development Accounts Progaram (IDA) helped Marjorie make her sweet dreams come true.
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|  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.
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|  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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