Individual Development Account (IDA) Program

Sponsored by Truth or Consequences Housing Authority
Contact: Donna Sanchez

Truth or Consequences, NM 87901

(575) 894-5080
Email: starfish_87901@yahoo.com

Individual Development Accounts (IDA's) are restricted savings accounts that you establish for a very specific purpose. The New Mexico Asset Builders (NMAB) initiative will match you with savings deposits 3:1. For example, for every $10 you deposit into your account, an additional $30 will be matched to your savings by a government program.

Only those items listed below are eligible purposes for opening an IDA.

First-Home Purchase: The costs of acquiring, constructing or reconstructing a residence, including usual or reasonable settlement, financing or other closing costs.

Business Capitalization: Expenses included in a qualified business plan, including but not limited to capital, equipment, working capital and inventory expenses.

Post-Secondary Educational Expenses: Tuition and fees required for the enrollment or attendance of a student at an institution of higher education or a post-secondary vocational education school; fees, books, supplies, and equipment including a computer and software.

You are qualified to open an IDA if your household income falls within the following limits, and your total household net worth does not exceed $10,000 excluding the primary dwelling unit and one motor vehicle owned by a member of the household.

Income Limits:

Size of Household	Annual Income Limits	Size of Household	Annual Income Limits
1	$18,620	5	$44,060
2	$24,980	6	$50,420
3	$31,340	7	$56,780
4	$37,700	8	$63,140

Any one person cannot have more than one IDA at a time. More than one person from any household may open accounts.

In order to access the match to your savings, several goals have to be met:

You must save for a minimum of 6 months;

You must complete the financial management course (20 hours);

You must complete the asset-based training; and

We must work together to ensure that you will qualify for your asset purchase.

For more information about opening your savings account, call Donna at 894-5080.

The First Step to a Better Life!