IDA Program
Learn, save and plan — so you can pay down debt, buy a home/repair a home, buy a car, go to school, or start a business!
INDIVIDUAL DEVELOPMENT ACCOUNT
Plenty Doors Community Development Corporation (Plenty Doors) is offering an Individual Development Account (IDA). The program is designed to help participants acquire assets and/or increase the value of assets already held.
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The Individual Development Account or IDA Program teaches personal finance; including budgeting, savings strategies and planning to meet financial goals.  Plenty Doors will help you start saving and reach your goals faster by “matching” a portion of each deposit.  For every $1 saved, Plenty Doors contributes $4.   Participants may save a maximum of $1,000 that will be matched by Plenty Doors with $4,000.  Households with a qualifying participant can receive up to $4,000 in matched savings. A potential total of $5,000 to be paid to a vendor towards your chosen asset goal!
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Participants in the IDA Program make monthly savings deposits for a duration of at least six and up to nine months, with a minimum required deposit of $20 each month. Plenty Doors will match IDA Program participants’ savings deposits at a rate of 4:1, up to a maximum of $4,000.
IDA Program Saving Guidelines
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Participation in the IDA Program is limited to one saver per household.
To participate in the IDA Program, participants must:
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Meet program eligibility requirements.
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Attend all required meetings and complete all required training and/or classes.
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Make regular monthly savings deposits of the minimum monthly deposit amount or more.
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Use savings for qualified assets or other uses as approved by IDA Program staff.
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Follow all other IDA Program requirements as outlined in IDA Guidelines.
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These requirements are explained in further detail in the IDA Guidelines. If you have any questions about the requirements, or the IDA Program, please contact the Plenty Doors CDC Office at 406-638-2074/2075.
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Qualified assets
Home Owership/Home Repair
Use IDA funds to make a downpayment on a house. Or make repairs to an existing home.
Education
Use IDA funds to pay tuition, books,
Debt Reduction
Use IDA funds to pay off any existing debt. Debt must be incurred prior to IDA Program.
Business
Use IDA funds to help pay for business expenses, such as start up costs, equipment, etc.
Vehicle Purchase
Use IDA funds to make a downpayment on a vehicle.
Income Guidelines
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Any individual who is a member of a household that is eligible for assistance under the State temporary assistance for needy families program (TANF) established under part A of title IV of the Social Security Act (42 U.S. C. 601 et seq.), or that meets the following requirements shall be eligible to participate in the IDA Program:
Income Test – The IDA Income Limits are calculated using the same methodology that HUD uses for calculating the income limits for the Section 8 program, in accordance with Section 3(b)(2) of the U.S. Housing Act of 1937, as amended. These limits are based on HUD estimates of median family income, with adjustments based on family size.
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Other Eligibility Requirements
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The applicant must be an enrolled tribal member, a Crow Tribal descendant or an individual legally married to an enrolled tribal member.
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Participation of Minors
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Minors are eligible to participate in the IDA Program, provided they are members of eligible households and provided that the asset they are saving for meets the requirements of the program.
Required Training
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Participants of the IDA Program are required to complete the following training courses: ​​
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Program Orientation – provides the new participant with an overview of the IDA Program.
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Financial Education – Plenty Doors will provide financial related classes.
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Asset-Specific Education – training courses that pertain to the participant’s individual savings goal. Participants will work with IDA Program staff to determine which available course(s) will be required.
Interested in Applying?
Click the link below to our Applications page and download our PDF application