On Tuesday, April 29, 2008 Governor Chet Culver signed into law the Economic Stimulus Bill [SF#2430]. Part of this bill creates a new fiscal year 2009 appropriation to provide $150,000 in State matching funds for contributions to Individual Development Accounts (IDAs).
IDAs are matched savings accounts that enable low-income American families to save, build assets, and enter the financial mainstream. IDAs reward the monthly savings of working-poor families who are building towards purchasing an asset - most commonly buying their first home, paying for post-secondary education, or starting a small business. IDAs make it possible for low-income families to build the financial assets they need to achieve the American Dream.
This State program will be adminstered through the eighteen community action agencies in the State of Iowa by the Iowa Department of Human Rights.