Sponsored by Truth or Consequences Housing Authority Contact: Sharon @ Hacienda Orgullo Apartments 1425 E. 2nd Street Truth or Consequences, NM 87901 505) 894-7718 Email: support@torchousing.org | |
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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. | |
| 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 |
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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. | |
| 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 Sharon at 894-7718. | |
The First Step to a Better Life! | |
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