Individual Services

Individual Development Accounts

An Individual Development Accounts (IDA) is a special savings account where an individual can realize a 2:1 match on his/her contributions.  For every dollar that they save, Nogales Community Development will match it with two dollars, up to a total of $4,000. The savings must be applied toward:

  • Purchasing a home
  • Starting a business
  • Post-secondary education

To be an IDA participant, one must complete 12 hours of financial literacy training and save at least $25/month for six months. Business candidates must complete a business plan, and first-time homebuyers have to take a class on homeownership.

Documents needed for enrollment in program:

  • Picture ID (driver’s license)
  • Social Security card
  • Proof of residence (utility bill, etc.)
  • Proof of citizenship or legal residency
  • Proof of income (last two months of pay stubs)
  • Most recent Federal Income Tax forms (signed form 1040)
  • Last two months of checking and saving account statements
  • Credit report (when applying for house or business)

For further information, please contact Nogales Community Development: 520.397.9219 or ncdcinfo@nogalescdc.org

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