1. Find Us On:
721 State Street, 2nd Floor, Springfield, MA 01109
PHONE · 413.263.6500 · FAX 413.263.6511 ·
www.springfieldpartnersinc.com
· 1-844-877-7422 ·
Individual
Development
Accounts

2. Individual Development
Accounts (IDAs) provides
residents of Hampden County with
matched savings accounts that
double participants' savings at a 1:2
ratio, up to $4000.
What is an Individual
Development Account (IDA)?
A matched savings opportunity for
people who want to:
 Buy a Home
 Start or Capitalize a Business
 Go to College or post-
secondary vocational school
Who Is Eligible?
 Residents who have earned
income to deposit into a
savings account
 Residents with incomes at or
below 200% federal poverty
level
 People with monetary assets at
or below $10,000 (excluding one
vehicle & primary residence)
Springfield Partners
for Community Action
is the federally designated
Community Action Agency
(CAA) for the greater
Springfield area. Established in
1964 , the agency has over 50
years of experience providing
services and advocacy to
alleviate the conditions of
poverty for low-income
individuals and families in our
community.
Springfield Partners for
Community Action’s
mission is to partner with
people and the community
as a whole, in a way that
leads to economic stability,
so that we all enjoy a
better quality of life.
Individual Development
Accounts (IDAs)
Success Story
“We used to live in a small apartment,
paying rent. I have two beautiful kids; I
wanted them to have their own home,
where they could run around and play.
I have been working for Springfield
Partners, New Beginnings - Early
Education Center for 3 years. I heard
about the IDA program in one of our
staff meetings.
I was scared at first; I thought I had bad credit. After attending
Financial Literacy and First Time Homebuyer workshops I found out my
credit was good enough to buy my first home.
I saved as little as $75 every month and within a year I had $2000 in
my IDA account. Springfield Partners matched it with $4000 and I was
able to put the down payment for my first home. I cannot thank
Springfield Partners enough!” - Love, Jenniffer Gonzalez
What are IDA Participant Requirements?
Enrollees Must:
 Meet Income Guidelines
 Complete a Financial Literacy
Workshop Series and an asset-
specific training program, such as a
first-time homebuyers course, an
entrepreneurship class, or college
enrollment information sessions
 Have a credit score high enough to
buy a house or start a business
We also offer expedited access to all appropriate programs and services
at Springfield Partners for Community Action.
Family Size (# of
people in a
Household)
Annual Income
Must be At or
Below
$23,5401
$31,8602
$40,1803
$48,5004
$56,8205
FY 2015