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Sponsored by Truth or
Consequences Housing Authority
Contact: Donna Sanchez
Truth or Consequences, NM 87901
(575)
894-5080
Email:
starfish_87901@yahoo.com |
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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. |
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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. |
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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.
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Income Limits:
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Size of
Household |
Annual Income
Limits |
Size of
Household |
Annual Income
Limits |
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1 |
$18,620 |
5 |
$44,060 |
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2 |
$24,980 |
6 |
$50,420 |
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3 |
$31,340 |
7 |
$56,780 |
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4 |
$37,700 |
8 |
$63,140 |
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Any one person cannot
have more than one IDA at a time. More than one person from any
household may open accounts. |
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In order to access the
match to your savings, several goals have to be met:
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You
must save for a minimum of 6 months; |
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You
must complete the financial management course (20 hours); |
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You
must complete the asset-based training; and |
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We
must work together to ensure that you will qualify for your asset
purchase. |
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For more information
about opening your savings account, call Donna at 894-5080. |
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The First Step to a Better Life!
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