In order to purchase the assets saved for and exit from the IDA Program clients must:
Complete the financial literacy training program.
Complete the asset goal training.
Diligently save the amount of money agreed upon in the IDA contract paper every month.
Refrain from withdrawing money from IDA accounts till the end of the contract period and even then, to purchase the asset goal.
IDA Clients must also adhere to the following asset purchase procedures depending on their assets.
Vehicles: Homes: Clients are required to present
The closing and mortgage loan documents
Cashier’s check from their IDA financial institution for 1/3 of the amount of their down payment or/and closing cost up to the entire amount of their required IDA savings.
IDA program, then, matches their check up to the entire amount of their earned match grant in a form of two parties check payable to the settlement or title agency.
Business:
Clients bring in:
Evidence of business license if required by law
Business plan
Invoice for business expenses
Cashier’s check from their IDA financial institution for 1/3 of the amount of their business expenses up to the entire amount of their savings
IDA program, then, matches their cashier’s check up to the entire amount of their earned match grant in a form of two parties check payable to the vendor.
Education:
Clients bring in:
Their registration slip for the semester showing the total amount of their tuition and invoice for their book purchase
Cashier’s check from their IDA financial institution for 1/3 of the amount of their tuition and book expenses for that term up to the entire amount of their required savings
IDA program, then, matches their check up to the entire amount of their earned match grant in a form of two parties check payable to the school. If there is any balance, it stays in each of the client and match grant accounts for next semesters use.
Computers: Client brings in
An invoice for the computer purchase from the vendor
Cashier’s check from their IDA financial institution for 1/3 of the amount of the computer’s cost.
IDA program, then, matches their check up to the entire amount of their earned match grant in a form of two parties check payable to the vendor of the computer. Only the computer and the monitor can be covered with IDA money.
