IDA Policy
Rationale
IDAs are a relatively new policy innovation designed to give poor and low-income citizens a direct incentive to save. IDAs are matched savings accounts whose use is restricted to high-return investments, such as buying a home, starting a business, or paying for postsecondary education. IDAs encourage families to save by providing a direct match to participant contributions, most often from public funding sources. In-depth evaluations of IDA demonstrations have found strong evidence that IDA holders can and will save
About Measure
States receive credit for one or more of the following IDA initiatives: 1) appropriating $1 million or more for IDAs, 2) including IDAs in the state TANF plan, 3) operating a state IDA program as of 2002. A state receives 0 points if it does not have any of the initiatives, 0.33 points if it has one of the initiatives, 0.67 points if it has two, and 1 point if it has all three.
Source
Edwards, K., Center for Social Development, Washington University & Rist, C., Corporation for Enterprise Development (Personal communication, 2002). St. Louis, MO.
| State | Support (in thousands) | IDA in TANF | State IDA Program |
|---|---|---|---|
| Alabama | — | No | No |
| Alaska | — | No | No |
| Arizona | — | Yes | Yes |
| Arkansas | 1506 | Yes | Yes |
| California | — | Yes | No |
| Colorado | 20 | Yes | Yes |
| Connecticut | 400 | Yes | Yes |
| Delaware | — | No | No |
| Florida | — | Yes | On hold |
| Georgia | — | Yes | No |
| Hawaii | — | No | Yes |
| Idaho | — | No | Developing |
| Illinois | 1000 | Yes | Yes |
| Indiana | 5000 | Yes | Yes |
| Iowa | 1700 | Yes | Yes |
| Kansas | — | Yes | No |
| Kentucky | — | Yes | No |
| Louisiana | 2000 | Yes | Developing |
| Maine | 200 | Yes | Yes |
| Maryland | 100 | No | Developing |
| Massachusetts | — | No | No |
| Michigan | 5000 | Yes | Yes |
| Minnesota | 2500 | No | Yes |
| Mississippi | — | No | No |
| Missouri | 200 | Yes | Yes |
| Montana | 100 | Yes | Developing |
| Nebraska | — | Yes | No |
| Nevada | — | No | No |
| New Hampshire | — | No | No |
| New Jersey | 2000 | Yes | Yes |
| New Mexico | — | Yes | No |
| New York | — | Yes | No |
| North Carolina | 3000 | Yes | Yes |
| North Dakota | — | No | No |
| Ohio | 308 | No | Yes |
| Oklahoma | 1000 | Yes | Yes |
| Oregon | 68 | Yes | Yes |
| Pennsylvania | 8000 | Yes | Yes |
| Rhode Island | — | Yes | No |
| South Carolina | 650 | Yes | Yes |
| South Dakota | — | No | No |
| Tennessee | 300 | Yes | Yes |
| Texas | — | Yes | On hold |
| Utah | — | Yes | On hold |
| Vermont | 200 | Yes | Yes |
| Virginia | 800 | Yes | Yes |
| Washington | 1800 | Yes | Yes |
| West Virginia | — | No | No |
| Wisconsin | — | Yes | No |
| Wyoming | — | No | No |
