IDA Matched Savings Program
IDA Matched Savings Program
The Individual Development Account (IDA) program is a matched savings program designed to help eligible participants build assets and achieve major financial goals.
Participants save their own earned income, and the IRC matches those savings one‑to‑one (1:1)—up to a set maximum—to help make large purchases more affordable and achievable.
IDA is part of the IRC in Utah’s Financial Capability Program and includes financial coaching and education to support long‑term success.
How the IDA Program Works
Participants in the IDA program:
Save earned income toward an approved goal
Receive 1:1 matched savings
Work with financial coaches
Complete required financial education
Matched funds are used to purchase approved assets and are paid directly to the vendor, not to the participant.
What Can IDA Savings Be Used For?
IDA matched savings may be used for approved purchases such as:
Education
Job training programs
Professional recertification
Post‑secondary (after high school) education
Required education‑related expenses
Homeownership
Purchase of a primary residence
Small Business
Approved startup or expansion costs for a small business
Vehicle Purchase
Purchase of a vehicle that supports employment, education, or training
Vehicles must meet program guidelines and demonstrate how they support financial independence.
Who Is Eligible?
IDA eligibility is based on funding guidelines. In general, participants must:
Be a refugee or asylee within five years of arrival in the U.S.
Have earned income
Meet income and asset limits
Be willing to save regularly and participate in required education
Eligibility requirements may vary by asset type. Our team will help you determine if IDA is the right fit for your goals.
Education & Coaching
IDA participants receive:
One‑on‑one financial coaching
Financial literacy education
Asset‑specific education related to their savings goal
These components help participants build skills, confidence, and long‑term financial stability beyond the matched savings.
All IDA funds have been allocated for 2026. No new enrollments during 2026.
All IDA funds have been allocated for 2026. No new enrollments during 2026.
How to Get Started
To begin the IDA process, schedule an enrollment appointment with the Financial Capability team.
Schedule an IDA Enrollment Appointment:
You will be guided through the application process and informed about eligibility, documentation, and next steps.
Felix Gil purchased a home using both IDA and DPA match savings funds. This image is of the day he signed, surrounded by his family.