The South Carolina Individual Development Account (IDA) Program is designed to help low income residents save in order to acquire a home, start a small business or further their education. Participants total household income must meet income limits. A portion of that income must be EARNED income.
Program participants save monthly in an IDA account opened at BB&T. This account will be held jointly by the client and the Charleston Area CDC. The match rate for the IDA Program is 3:1. Although participants can save over the $1,000 match limit, only $1,000 is eligible for matching funds resulting in a total savings of $4,000.
Qualifications for the IDA Program:
- Must meet income limits
- Have a regular source of income; this must include EARNED income
- Must open a savings account
- Must show 6 consecutive months of deposits to savings account
- Must attend at least 20 hours of financial literacy education
Income Limits for the IDA Program:
|
Size of Household |
150% of Poverty |
175% of Poverty |
185% of Poverty |
200% of Poverty |
|
1 |
$15,600 |
$18,200 |
$19,240 |
$20,800 |
|
2 |
$21,000 |
$24,500 |
$25,900 |
$28,000 |
|
3 |
$26,400 |
$30,800 |
$32,560 |
$35,200 |
|
4 |
$31,800 |
$37,100 |
$39,220 |
$42,400 |
|
5 |
$37,200 |
$43,400 |
$45,880 |
$49,600 |
|
6 |
$42,66 |
$49,700 |
$52,540 |
$56,800 |
|
7 |
$48,000 |
$56,000 |
$59,200 |
$64,000 |
|
8 |
$53,400 |
$62,300 |
$65,860 |
$71,200 |
Participants must earn below 200% of the Federal Poverty Limit
Applications are available at the CACDC office located at 2146 Dorchester Rd. Please include a copy of your most recent Income Tax Return when submitting your application.