Colville Tribal TANF Program

INDIVIDUAL DEVELOPMENT ACCOUNTS

INDIVIDUAL DEVELOPMENT ACCOUNTS (IDA)

Individual Development Accounts, or IDAs, are a matched savings program for low income families to assist them in gaining assets and financial skills to help their family gain economic empowerment for their future.

Assets included in this program are:

1. Home ownership or repair

2. Small business start-up or expansion

3. Higher education

How do IDAs work?

Participants make monthly savings deposits of at least $25 each month.
The TANF Program matches participants’ deposits on a 3:1 ratio, for every $1 saved the program adds $3.
Participants save until their goal is met
All savings are paid directly towards goal
Participants complete money management classes focused on their specific goal.

How do I qualify?

To qualify for the IDA program, a participant must be eligible for Colville Tribal TANF by meeting the income guidelines as follows:

Federal Poverty Level Standard 2006
Family Size	200% of the Federal Poverty Level
1	$19,600
2	$26,400
3	$33,200
4	$40,000
5	$46,800
6	$53,600
7	$60,400
8	$67,200
9	$74,000
10	$80,800

Financial Literacy

All participants will learn about money management and budgeting, how to read and repair their credit report, what banking services are available, how to choose a lender and apply for a loan, and much more.

Every participant will be required to take part in educational classes or workshops that are specific to the asset they have chosen to purchase

For Example:

First Time Home Buyers will learn about the process of purchasing a home, how to successfully apply for a mortgage loan and be prepared for the responsibilities of home ownership.

Small Businesses education will cover topics on writing a business plan, how and where to apply for a business loan, marketing and other topics you should know to be a successful business owner.

Higher Education savers will get help with career exploration, choosing the right school or program for them and assistance with the development of a sound financial plan for the length of their studies.

Maximum Savings of $10,000 with match!

You can save up to $10,000 towards the purchase of a home, small business, or your higher education through the IDA program.

As a program Participant, you will gain Financial Skills necessary to help your family become self-sufficient and purchase a specific asset.

Our IDA Partners include:

· Keybank

· CTEC Small Business Resource Center

· Colville Tribal Credit

· Community Action of Omak, WA

Please contact the IDA Specialist to apply for this program or for additional information.

Colville Tribal TANF - IDA Program

PO Box 150 Phone: 866-202-0471

Nespelem, WA 99155 Fax: 509-634-2742

Email: ricard.tupling@colvilletribes.com

patsy.gould@colvilletribes.com

COLVILLE TRIBAL TANF PROGRAM

For comments or questions please contact: carey.batten@colvilletribes.com