An Individual Development Account (IDA) is a specialty account offered by the Community Action Agency of St. Louis County, Inc. (CAASTLC). It is a savings account with matching deposits meant to be put towards long-term financial goals, including a home purchase. It can also be used for starting a business or paying for tuition.
The account owner must put a minimum of $10 in the account every month.
Depending on which plan the account owner has with CAASTLC, their deposits will be matched (for up to $2,000) dollar for dollar or dollar for two dollars for up to two years.
The amount that the account owner saves as well as the matched funds can then be put towards their financial goal.
Interested individuals must be in the program for no less than six months and pass the required educational class.
Income limits will also apply.
Other programs in Missouri:
- First Place Loan Program with Cash Assistance
- Next Step Cash Assistance Loan
- CAASTLC Down Payment Assistance
- Columbia Homeownership Assistance Program
- Springfield Down Payment Assistance