Individual Development Accounts
AABC supports the use of individual development accounts (IDAs). These matched savings accounts are specifically designed to encourage a regular saving program to obtain a wealth building asset. The current program in Alabama is designed to purchase a home, capitalize a small business, or to assist in the purchase of a post-secondary education. For every dollar that is saved by the program participant, a dollar is matched from a local source and the Federal government. The Federal program that makes this possible is called the Assets For Independence Act. (AFI) The AFI Program is administered by the Office of Community Services (OCS), within the U.S. Department of Health and Human Services, Administration for Children and Families. For additional information on the AFI program, click here.
AABC’s partner, the United Way of Central Alabama coordinates the state program for IDAs. There are income limitations to participate in the program. For additional information on our state’s IDA program, click here.