IDA Program

Assets for Arkansans

Assets for Arkansans Individual Development Account Program (AAIDAP)  is an investment strategy and comprehensive financial education program sponsored by Argenta Community Development Corporation designed to provide low-to-moderate income individuals and families in Pulaski County with the opportunity, incentive, and support necessary to save money, finance their future and change their lives.  Matched savings allows a participant to pursue the following:

  • Purchase a home that will be your primary residence
  • Repair, expand or renovate your primary home
  • Fund or expand an existing small business
  • Pay tuition or other related expenses for a post-secondary educational program or get job training for yourself

Participants have a personal savings goal of $667 that will be matched $2,000. That is a 3:1 ratio.

Eligbility

  • Must be employed
  • Must have at least one minor that is 17 or under that you resides in your household and you can demonstrate that you are the parent or guardian
  • Must live in Pulaski County
  • Assets cannot exceed $10,000 EXCLUDING home and one car
  • The maximum annual income cannot exceed the following:
    • For a Household of 2 - $27,214
    • For a Household of 3 - $34,281
    • For a Household of 4 - $41,348
    • For a Household of 5 - $48,415
    • For a Household of 6 - $55,482
    • For a Household of 7 - $62,549
    • For a Household of 8 - $69,616
      (for each additional member add $7,067)

How it Works

  • Meet with IDA Program Manager to get enrolled
  • Make monthly deposits into your personal IDA account. A minimum of $25 month
  • Attend financial literacy class hosted by Argenta CDC
  • Meet with your Argenta CDC credit counselor at least three times
  • Have a business plan prepared, if your asset is small business
  • Attend a homebuyer class at Argenta CDC, if your asset is homeownership
  • Provide an education plan, if your asset is education or job training

How to Enroll

  • Contact the IDA Manager to setup an orientation where information about the program will be discussed along with an application package
  • Schedule an intake meeting where your IDA account will be opened and application package will be reviewed. All required documentation must be provided at intake. Personal IDA accounts are opened at Centennial Bank. Participants will have the option of direct deposit, payroll deduction or counter credits. If making a counter credit or have questions about your account once its open, please contact the North Little Rock Branch on Broadway, across from Verizon Arena.
  • Be prepared to open your account with at least $25 with a check or money order. NO CASH.

Documents That You Will Need to Provide Copies. NO ORIGINALS WILL BE ACCEPTED:

  • State issued photo identification
  • Social security cards for each member of your household
  • Current 30 days of paystubs for yourself or any adult 18 or over in your household
  • If self-employed evidence of self employment acceptable to the IRS such as 1099
  • Recent checking and/or savings account statement
  • Copy of current utility bill
  • Signed copy of 2010 tax returns
  • Documentation for children age 17 and under living in the home: Can  include anyone of the following- birth certificate with participant listed as parent, adoption or guardianship papers signed by a judge or copy of most current signed tax returns listing child as a dependent
  • Proof of other forms of income, if applicable, such as: child support, alimony, social security, or disability benefits for all household members age 18 and over
  • Proof of former or current receipt of TEA/TANF funds with documentation from DWS, if applicable
  • Copy of deed to home, if applicable

AAIDAP is funded through Arkansas Department of Workforce Services. For more detailed information, please contact Shanta Nunn-Baro at 501-374-0622 ext. 22 or sbaro@argentacdc.org.