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Start Saving Today with Wayne Metro’s IDA Program

*PLEASE NOTE: All available slots have been filled at this time. Continue to check our website for program updates.

What is the Wayne Metro Michigan $ave$ IDA Program?

Wayne Metro’s Michigan $AVE$ Individual Development Account (IDA) Program can help you save money and build financial assets!

How can I use the money?

  • Down payment on a first home
  • Funds for a microbusiness
  • Payment for tuition and books for college for you or your dependent

How much can I save?

Individuals in the IDA Program can save any amount but only the first $1,000 for home and business, and $500 for education will be matched. The match amount is based on each client’s goal in the program:

SAVINGS

MATCH

TOTAL

 home icon $1,000 $4,000 $5,000
 briefcase icon $1,000 $4,000 $5,000
 college icon $500 $4,000 $4,500

*You may choose only 1 savings goal.
*If your goal is to purchase a home, you cannot have owned a home in the last three years.

Am I eligible for the program?

*PLEASE NOTE: All available slots have been filled at this time. Continue to check our website for program updates.

  • Be a resident of Wayne County, Michigan
  • Meet the income guidelines based on household size
  • Be working at the time of application
  • Provide proof of individual and earned income
  • Take our assessment here to help us to determine your eligibility.

What are the requirements of the program?

  • Make a minimum deposit of at least $40 a month from your earned income
  • Be in the program for at least six months
  • Click here for a complete list of required documentation for the program.

Where do the matching funds come from?

Matching funds are provided by AFIA, MSHDA, MIDA Partnership-Thumb Region, OLHSA, United Way, your local IDA Program and other generous community contributions. Approximately 50% of matching funds are provided by Assets for Independence (AFI) through the U.S. Department of Health & Human Services.

AFI   MSHDA   OLHSA
United Way      Michigan IDA Partnership
Assets Opportunity Initiative
For more information about asset building please visit our Assets & Opportunity Network microsite.

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