The STAR Program

 

Saving Toward

Asset enRichment

 

Program Guidelines 

· You must be a resident of Delaware or Madison County

· You must have on-going employment (earned income)

· You must be at or below 200% of the poverty level

· IDA funds can only be used to

                    

Own your own Home           Continuing your Education        Own your own Business  

 

 

 10 Hours of Financial Education is required to fulfill the program requirement

 5-8 Hours additional education is required on your asset of choice.

Your deposits are matched 2:1

Minimum deposit will be

established as part of your case

management plan

WhatWhat is an IDA

IDA stands for Individual Development Account.  IDA's are matched savings accounts that enable low-income families to save, build assets, and enter the financial main stream.  IDA’s reward the monthly savings of working, low income families who are building towards purchasing an asset.

IDA’s make it possible for low income families to build the financial assets they need to achieve the American Dream. The match incentive is provided through a variety of government and private sector sources. Organizations that operate IDA programs often couple the match incentive with financial literacy education, training to purchase their asset, and case management.

 IDA’s are usually offered through programs that involve partnerships between local non-profit  organizations and financial institutions. The local non-profit is also called the IDA program sponsor.  The program sponsor recruits participants for the IDA program, provides financial education classes, and may also provide one-on-one counseling and training to participants. 

Each participant will open up an account with the partnering bank or credit union.  The bank or credit union handles all transactions to and from the IDA.  Each month, IDA participants receive a report telling them how much money (individual savings + match + interest) is accumulating in their IDA.

How the STAR Program Works 

· You must first speak with the STAR Program Coordinator at Delaware
    Community Action Organization 
149 N. Sandusky St.
Delaware, Ohio 43140
740-369-3184

· Complete the initial application and release form

· If you are approved by the committee for the program you will then complete all additional paperwork for processing

· You will make Monthly deposit  into your IDA savings account

· We match your deposits $2 for every $1 you save

· You must attend economic literacy classes and you will be involved in planning your specific program

· Program takes approximately 2 years to complete

· Total savings + match will be $3000 by the end of the program plus interest

· Funds are paid directly to the provider for the investment you choose

· Funds can be withdrawn for emergency purpose only one time prior to completion of the program

Community Action Organization

of Delaware, Madison, & Union  Counties, Inc. 

149 N. Sandusky St.

Delaware, OH   43015

Lori Riggs

IDA Program Coordinator

Phone: 740-369-3184

Fax: 740-363-7502

E-mail: lriggs@caodmu.org

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

How the STAR Program Works