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Pathways to Prosperity
The "Wise Teen" Individual Development Account Program |
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| What is an IDA?
Individual Development Accounts, or IDA's, are savings accounts designed to help low income individuals save money to pay for job training or education, to buy a home, to repair or remodel a home, or to start or expand a business. Savings held in IDA's are matched by monies raised by the Owsley County Action Team. The Pathways to Prosperity "Wise Teen" Youth IDA program receives local support from the Workers of Rural Kentucky (WORK) and the Owsley County Fund for Excellence. |
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| Who is Eligible?
The IDA program is designed for low to moderate income families and indivuals. Eligible applicants must meet the folling guidelines: |
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| • | Be at least 13 years of age. | ||||||||
| • | Live in Owsley County. | ||||||||
| • | Be at or below 100% of the poverty level. | ||||||||
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| The Idea!
The idea is simple: You deposit $30 a month, and we match it 2:1. During the year that you are depositing into your IDA account, your savings will be earning CD interest rates. After 12 months of your education classes you will receive the match for your $360. To apply for an IDA account, you must complete an intake assessment with an IDA staff member, attend an informational orientation and complete an application form. |
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| Qualified IDA Savings | |||||||||
| • | Jobs/Vocational Training. | ||||||||
| • | Post/Secondary Education. | ||||||||
| Program Requirements | |||||||||
| • | Attend 9 hours of general financial education classes. | ||||||||
| • | Attend 3 hours of assest-specific classes. | ||||||||
| • | Make a monthly deposit of $30. | ||||||||
| How Do I Start an IDA? | |||||||||
| • | To start an IDA, you must provide proof of your current income and proof that the $30 you deposit each month is earned income. | ||||||||
| • | As an IDA account holder, you will be expected to attend 9 hours of general financial education classes and 3 hours of asset-specific classes. | ||||||||
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For more information contact: Molly Turner · Director of Community Development Owsley County Action Team P.O. Box 997 · Booneville, KY 41314 Phone: 606-593-7296 · Fax: 606-593-7781 Email: mcampbell@owsleycountykentucky.org |
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© Copyright 2003 Booneville/Owsley County Industrial Authority
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