Individual Development Account (IDA) Program

Program Description

An IDA is a matched savings account that provides low-income people with the opportunity to build assets that will help them improve their economic stability and achieve self-sufficiency. Under the IDA program, CAASNM provides a savings match for first time home buyers, individuals trying to start or expand a business, or wanting to pursue their post-secondary education. The funds are deposited into a custodial savings account at a partner financial institution. The maximum amount of participants’ savings CAASNM will match is $1,000 ($500 for special projects). CAASNM’s IDA program is often tied to services and training programs that help participants build or enhance their financial skills.

Eligibility Requirements

1) The saver participating in the program must have earned income
2) Total household net worth has to be less than $10,000
3) Total household income must be 200% or less the federal poverty level
4) Upon enrollment, IDA clients are required to complete 20 hours of financial literacy, and complete an asset plan
5) IDA clients have to be at least18 years old to participate.
6) Under especial circumstances, IDA participants do not have to be 18 years old. For instance, under the high school AFI grant (2012-2017), IDA candidates must be low-income high school juniors and incoming seniors residing in rural Doña Ana County (but also meet the requirements above).

Required Documentation
1) Some form of identification and verification of age( New Mexico identification card, driver’s license, passport, birth certificate)
2) Verification of citizenship (social security card, birth certificate, US Passport, tribal registration card)
3) Verification of New Mexico residency (utility bill, tribal registration card, voter registration card, rental/lease agreement, social services statement)
4) Verification of entire household earned income
• Most recent IRS tax returns
• Three (3) months of employment pay stubs for all household members
• Self-employment tax forms, NM State CRS filings (only for business owners or self-employed individuals)
• Personal declaration of income into the household, with contact information (only for business owners or self-employed individuals)
• Letter from employer stating number of hours worked and salary paid
5) Household net worth verification
• Most recent checking and/or savings account statements
• Investments (real estate, 401K, stocks, IRA, others)
• Proof of debt (outstanding loans and bills, credit card outstanding balances)

Areas Served:

        • Doña Ana County

        • Hidalgo County

        • Luna County

        • Sierra County

        • Grant County

Jessica came to the first day of Kids Can Business Builders determined to do it alone. Our instructors could see no smile or willingness to join a group. As a group we shared what our hobbies are and what we do when we get home. Jessica loves to play video games all by herself after-school. Her favorite video game has a Llama character and is very popular with her peers. She felt like products with a llama would sell well at a Kids Can pop-up market. Then another young lady talked about how much she likes pink flamingos. They grouped their ideas together and created hand-woven “Flamas” and the “Flamaverse” (flamingos and llama together).  A new friendship formed and Jessica’s perspective of group work has changed. She is happier and more willing to contribute her ideas in class discussion on business topics and we can see these two girls talking and laughing, eating after-school snack together.

Jessica's Story

Muhammad came from Pakistan and found the culture challenging as well as financially, caring for older parents and raising his children. CAASNM’s family financial empowerment program helped him save for college with an IDA and also learn about finances and saving so he could buy a home and pay for his board exams. He is now a 4th year medical student with one semester left. “CAASNM staff were very helpful and like family to me. They helped me get through their program very easily.”

Muhammad's Story

Annie is a participant in CAASNM’s Child and Adult Care Food Program (CACFP) from Truth or Consequences.  She is a grandmother helping raise grandchildren and she also cares for her sick mother. Annie is very thankful for this program because it allows her to care for her mom and grandchildren. She has three grandchildren who live with her and she takes care of four grandchildren that don’t. The program reimburses her for nutritious food for all seven children in addition to her disabled mom.

Annie is a very special lady and has gone through a lot. She has been doing childcare for a long time. She cared for her sick father and then her husband before they passed away and now she is caring for her mom. She took a part time job at night with Walmart in-order to buy Christmas presents for of all her grandchildren, her brother and 18 year old grandson who stays to look after the children and Annie’s mom while she is working. She is a true success because she perseveres with all of her hardships, but with a little help from CAASNM.

Annie’s Story, Nutritious food for the family

A single mother of 3-year-old twins became a client of Thriving Families in 2019, referred by her physician. She was triaged to several community programs, including Aprendamos Early Intervention and HeadStart. She participated in an IDA program at CAASNM to save for education and which also improved her credit score. Her family became COVID-affected and was provided emergency assistance for utilities when she fell behind. Thriving Families continued its whole family approach to assist Bernice manage her family and also achieve her educational goals; she graduated with a degree in physiology from NMSU and will continue to her Master’s Degree.

Bernice’s Story