By: Chad Frey
August 4, 2011
There's a new way to save money, for those who qualify and are willing to designate what the savings are for. It's called an Individual Development Account, and the account system is getting off the ground locally through the Circle of Hope organization.
"We can really expand the number if people we can serve with this," said Myrna Krehbiel, director of Peace Connections and organizer of Circles of Hope.
An IDA is an account designated for the purchase of a home, home repairs, continuing education or starting or expanding a small business. Each deposit made by the account holder is matched two-to-one, with maximums in placed based on what the account is designated for.
The program, offered through the Kansas Department of Commerce, is funded primarily through tax credit donations.
There will be an informational meeting given by Lorna Moore from 6:30 to 8 p.m. Aug. 16, at the First United Methodist Church, 801 N. Main St., Newton.
At a recent community meeting, Circles invited Lorna Moore of Interfaith Housing Services in Hutchinson to discuss Individual Development Accounts (IDA). IDAs are savings accounts available to low- to moderate-income families who put money aside to acquire a high-return asset. Income-qualified households saving $1 in an IDA receive a $2 match from the Kansas IDA program.
In order to start and IDA, the account holder must qualify under income guidelines for a family of four the household income must be less than 44,700. The account holder must designate the area of interest, and attend eight hours of financial education and one-on-one budget counseling.
For questions about Circles of Hope, 316-284-0000,