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

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