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Low-income people typically cannot benefit from the federal incentives that reward middle- and upper-income people for saving money. These tax breaks, which annually add up to $300 billion, include the mortgage deduction, IRAs and other such vehicles and preferential capital gains.
Lower incomes and the lack of assets keep many people from achieving financial stability, and saving for a down payment on a home, a small business, or for college tuition for themselves.
Individual Development Accounts (IDAs) are savings accounts that are started by eligible low-income people to help them become homeowners, small business owners and graduates of post-secondary education programs.
Savings deposits by participants are matched by donated funds from charitable organizations at a rate of 3:1 (for every $1 an individual saves, $3 are matched).
The Loan Fund offers IDAs to low- and moderate-income people throughout the state through the New Hampshire Statewide Individual Development Account Collaborative. The Collaborative is a statewide program that supports a community organization’s ability to offer individual matched savings programs for low- and moderate-income individuals.
Participants are required to develop savings goals/plans, access economic literacy training/education, and plan for asset management.
If you are interested instartingt an IDA, please contact us at (603) 224-6669 or info@theloanfund.org.
If you are a community organization interested in how the
Loan Fund might work with you to offer IDAs to your clients,
please contact us at (603) 224-6669 or info@theloanfund.org.
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