Neighborhood Economic Development Corp.

IDAs

Introduction

Individual Development Accounts or "IDAs" are savings for low and moderate-income families or individuals where savings are matched from the community. Account holders may use the savings account and matched funds for businesss srart-up, home purchase or to finance post-secondary education.

Eligibility

1. Individual and families, where the adult (s) (are) 18 years or older, whose primary residence is Mesa
2. Individual and families must have sponsorship from an educational institution, faith-based organization, community group, service agency, or employer.
3. One time application fee and credit check fee of $18.
4. Individual or family income must be within 50% to 100% of area median income:

Family Size Minimum Maximum

1 $17,563 $35,125

2 $20,094 $40,187

3 $22,544 $45,187

4 $25,094 $50,187

5 $27,094 $54,187

Match Funds

1. All matched funds are held in a master account by NEDCO.
2. For every dollar ($1.00) plus interest saved, NEDCO credits a dollar ($1.00) interest up to $1200.
3. Participants may save a minimum of $20 per month and a maximum of $50 per month over a period of 24 months to 36 months.
4. Matches may be used for home purchase, business start-up, or to finance post-secondary education.