City Receives Additional Funding for Individual Development Account Program
April 15, 2015
COLUMBIA, SC – The Assets for Independence Program, a division of the Federal Health and Human Services, announced a $75,000 grant that will be matched by the City with an additional $75,000 for a total of $150,000 for the City’s IDA program.
The IDA program is a three to one matched savings account that allows individuals to use their savings and match money toward a home, a small business or post-secondary education.
To qualify for the program, applicants must:
· Reside within the City’s limits
· Must be 200 percent of Federal Poverty and have $10,000 or less in household assets
· Must save $1000 over a minimum of six months and attend financial literacy and asset training
Successful participants will be eligible for a $3000 match to purchase their first home, start a small business or go back to school. Interested residents can apply until the funds are committed.
For more information, contact Public Relations, Marketing and Media at 803-545-3020.
