Benton, AR - CADC offers families an opportunity to move out of poverty through the matched savings account program, Individual Development Accounts (IDAs). These amazing accounts help low income workers set aside money for education, buying a first home, starting a business or completing much needed repairs on homes.
An Individual Development Account is a matched savings account designed to promote savings and asset development in eligible working-family households. The family’s ongoing savings efforts are matched 3 to 1 through grant funding with support and financial literacy training provided. Individuals can earn up to $2000 and households can earn up to $4000 if they save at least $667.
To find out if you qualify for the Individual Development Account program, attend a local IDA orientation class:
- July 12 at 2 p.m. at the AR Workforce Center of Malvern, 1735 E. Sullenberger. Call 501-337-8401
- July 12 at 2:30 p.m. at the Arkadelphia Senior Activity Center, 1305 N. 10th Street. Call 870-246-8089
- July 17 at 5 p.m. at the CADC Lonoke Office, 117 SE Front Street. Call 501-676-0019
- July 19 at 10 a.m. at the CADC Hampton Office, 210 S. Lee. Call 870-798-2457
- July 19 at 1 p.m. at the CADC El Dorado Office. 1426 Northwest Avenue. Call 870-864-0067
- July 23 at 5:30 p.m. at the AR Workforce Center of Little Rock, 5401 S. University. Call 501-603-0909
- July 25 at 10 a.m. at the CADC Kirby Office, 2614 Hwy 27 North. Call 870-398-4243
- July 27 at 10 a.m. at the CADC Camden Office, 313 Jefferson Drive. Call 870-836-3200
- July 27 at 2 p.m. at the CADC Magnolia Office, 1503 N. Vine. Call 870-234-6444
To be eligible the individual or family must have a child under the age of 18 living in the home (for home repair only), have earned income and meet income guidelines, which for this program is 185% of the federal poverty level. Based on these guidelines, a one-person household must make less than $1,669.63 per month to qualify for this program. For each additional family member, add $576.58 to the monthly income to determine eligibility. Other guidelines also apply.
CADC is a private nonprofit community action agency that was formed in 1965 to fight and win the “War on Poverty.” The mission of CADC is to improve the quality of life and build strong communities in Arkansas. For more information, call 501-778-1133.