WV IDA Initiative
This program is currently in between funding cycles. Please check back for updates.
Save Some. Get More.
Individual Development Accounts are special matched savings accounts for persons of modest means.* For every $1 saved, the program will match it with $8! (must save at least $25 per month and the maximum match is $4,000)
This program will empower you to own your own home, start a new business or continue your education.
More About Individual Development Accounts
How does an IDA work?
What makes an IDA special is that every time you add to your savings, you will receive an additional deposit known as a “savings match.”
How does the “savings match” work?
The WVIDA Initiative offers up to an 8:1 savings match. So if you save the maximum amount of $500, KISRA will match with the maximum amount of $4,000. Keep in mind that you must save at least $25 per month to qualify.
How do I receive the match funds?
Matched funds will be made available to you when you are ready to purchase an asset.
Am I allowed to make withdrawals from the IDA?
Because IDAs are intended to help you purchase productive assets, withdrawals for non-asset uses are strongly discouraged. However, in certain emergency situations, you may withdraw some of your savings before you are ready to purchase your chosen asset goal.
Is there more to the program than the savings match?
Absolutely! Participants also attend a 12-part workshop series on personal finance and money management as well as asset-specific preparation classes to sharpen your skills essential for long-term success.
Who is eligible to participate?
The WVIDA Initiative is open to West Virginia individuals or families whose income is less than 200% of the federal poverty level and net worth is less than $10,000, excluding a residence and car. TANF recipients are automatically eligible, as long as the funds being saved come from earned income.