About Individual Development Accounts (IDAs):
IDAs are matched savings accounts designed to help low-income families accumulate a few thousand dollars for high return investments in education or job training, homeownership, or micro-enterprise. IDA participants are at, or below, 200% of the poverty level ($30,260/yr for family of two in 2012). The goal is for participants and their families to change their attitude and relationship to money. Participants complete financial management classes and training related to their asset goal while saving regularly in their IDA. Their savings of up to $1,000 are matched at a typical ratio of 3:1 for a home purchase and 2:1 for post-secondary education/job training or to start/expand a small business. Rates may vary depending on program site and funding sources.
An IDA is more than down-payment assistance, small business fund, or scholarships; an IDA provides direct services such as financial management, counseling, coaching, and asset retention classes to participants and their families, allowing them to make the changes required to build a more financially stable and self-sufficient future. IDAs facilitate economic development for families and for the greater community.
About Michigan IDA Partnership (MIDAP):
The Michigan IDA Partnership is a collaboration made up of five Regional Coordinating Organizations (RCOs) and approximately thirty-five program sites. RCOs are responsible for the following: assisting in fundraising and advocating, expanding the # of original program sites, approving qualified withdrawals in their region, assisting with all eligibility and marketing of the program, data tracking and cleanliness, federal and statewide reporting, grant writing and TA for program sites.
Since 2001, MIDAP has proven to be an exemplary model on a nationwide level for statewide collaborations of IDA grantees and their program sites.
About Oakland Livingston Human Service Agency (OLHSA):
In 2006, the Oakland Livingston Human Service Agency (OLHSA), in addition to being an RCO and program site, took over responsibility as lead agency and fiduciary for the Michigan IDA Partnership. As the lead agency/fiduciary, OLHSA is responsible for: collecting and exchanging information and best practices among and about IDA programs in Michigan, providing technical assistance to RCOs in Michigan and program sites and community partners around the country, fundraising (including collection of donations to the IDA program that result from the new IDA Tax Credit legislation passed in Michigan), distributing funds raised equitably between all RCOs, advocating for legislation that supports IDAs in Michigan, and the statewide IDA report submitted to various funding sources and supporters on a quarterly basis.
Located in Pontiac, Michigan,OLHSA enables the low-income, elderly and disabled persons living in Oakland and Livingston Counties to become self-sufficient.
About Michigan State Housing Development Authority (MSHDA):
Since 2006, MSHDA has continually made the IDA program part of its scope to provide affordable housing in Michigan. Their funding contributions have assisted more than 1,000 people in the state of Michigan receive an IDA, and are a primary reason why the program continues to grow year after year.
The Michigan State Housing Development Authority, established in 1966, provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, develop vibrant cities, towns and villages, and address homeless issues.
