CAA Individual Development Account Program
The program was established by the Assets for Independence Act (AFIA) to find out if, and how Individual Development Accounts can best be used as a tool to help lower income working families accumulate assets; and to what extent such accumulation of assets will help stabilize and improve families and the community in which families live. The IDA Program is available to Columbiana County residents that are Interested in acquiring one of the following assets:
- Purchase a first home
- Start or Expand a Small Business
- Attend Post Secondary Education
Each participant will open a savings account with a local bank and make monthly deposits for a period of six to eighteen months toward a savings goal of $500.00. The IDA program funded with AFIA dollars through the Ohio CDC Association and local participating lenders will match every dollar you save with $2.00 at the time you acquire one of the above assets.
Eligibility
All participants must have some form of earned income and be:- A TANF eligible Household OR
- Received the Earned Income Tax Credit in the previous year OR
- Have a household income that does not exceed 200% of the Federal Poverty guideline AND
- All households must also have a net worth of less than $10,000 as of the end of the calendar year preceding the determination of eligibility. Excluding the primary home and one motor vehicle.
AFIA Grant Funding:
- Ohio CDC Association
- 1st National Community Bank
- Bank One
- Consumers National Bank
- Farmers National Bank
- Home Savings and Loan Co.
- National City Bank
- Perpetual Savings Bank
- Seven-Seventeen Credit Union
- Sky Bank
- Community Action Agency of Columbiana County
Call 330-424-4013 for more information