Are Matched Savings Accounts Available to Help Single Parents Purchase a Home?

Question: Are Matched Savings Accounts Available to Help Single Parents Purchase a Home?

Answer: Yes! There is something called an Individual Development Account. It's a matched savings account, usually set up by a community organization, for the purpose of helping low-to-mid income families save money toward:

• the purchase of a home
• education costs
• financing a small business

Both public and private organizations contribute money toward IDAs. Some IDAs are set up so that the matched funds are equal to what the participant is saving, and others contribute twice the amount that the participant is saving, which can help you save quite a lot toward your goals. In addition, programs offering matched savings accounts, or IDAs, often include economic literacy training, as well.

For more information about matched savings accounts, or IDAs, visit:

• The Corporation for Economic Development
• The Center for Social Development
• The Finance Project

To find a program in your area, contact:

• The Corporation for Economic Development's Searchable Database
• Work World's State-by-State Listing of IDAs