Matched savings for a home, car or education

Jay Jean used his IDA savings to attend the University of New Hampshire

Individual Development Accounts (IDAs) are special, matched savings accounts that help people with limited incomes save to buy a home or car, or to pay for college or technical school.

The New Hampshire Community Loan Fund provides IDAs through a statewide network of community partner organizations.

Here’s how it works: New Hampshire participants make deposits into their IDA savings accounts—up to a maximum $500—and the IDA program contributes eight times that amount. Someone who has saved the maximum will end up with a total of $4,500—their $500 in personal savings plus $4,000 in match.

You must meet certain requirements to participate in the IDA program. You must earn some income, but have limited earnings and net worth, and be willing to attend eight hours of financial training.

New Hampshire's IDAs are supported by a grant from Assets for Independence (AFI), a program of the U.S. Department of Health and Human Services, which provides approximately 40% percent of the project funding. Support is also provided by the N.H. Community Development Finance Authority, the N.H. Housing Finance Authority, Citizens Bank, private foundations, N.H. businesses, and individual donors.

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