When you apply for an IDA, you must indicate how you intend to use the savings you'll accumulate.

In general, IDAs may be used for three main purposes:

  1. Homeownership (may include mobile homes)
  2. Education or vocational training (including textbooks and child care)
  3. Self-employment (start-up or expansion of small business)

Some IDAs allow the funds to be used for retirement or other purposes. Check with your local IDA sponsor to see if that’s an option in your area.

Use the My IDA worksheet to plan what you will do with your IDA money.

Individual Development Accounts: What Can I Do With My IDA Money?

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