IDA Apply for IDA
Qualified applicants will be accepted on a first-come, first-served basis and only a limited number of slots are available. Please give us a call or send an email to amy@nwaccessfund.org for more information.
Individual Development Accounts
IDA About IDA
Northwest Access Fund offers matched savings IDAs for the purchase of Assistive Technology.
Through this IDA program, low-income individuals with disabilities and their families can save up to $4,000 and receive an equal amount in matching funds to help pay for assistive technologies needed for any purpose: independent living, education, employment, recreation, health and safety, and family and community life. In addition to saving consistently for at least six months, participants must take training on financial management and assistive technology selection and financing.
Assistive Technology is broadly defined to include any device that maintains or enhances the functional capabilities of a person with a disability. Please refer to the FAQ for examples or give us a call if you are unsure if something would qualify. IDAs can also be used for co-pays and combined with other resources including the Access Fund’s low-interest loans.To be eligible, an applicant must show that:
- He or she is a Washington State resident with a physical, mental or sensory disability and/or caring for a child or other family member with a disability;
- Household income at the start of the savings program is equal to or less than 80% of the county median income, adjusted for household size – medical expenses may be deducted from your household income (click here to view income guidelines);
- Household net assets at the time of application must be at or below $20,000. “Household net assets” is the total market value of all assets owned in whole or in part by any household member minus total debts or obligations. The value of the primary dwelling unit, one motor vehicle, special needs trusts and similar accounts (including e.g., accounts set up under ABLE Act), and retirement accounts are excluded in calculating net worth;
- The individual account holder must be at least 15 years old; family members may apply for a person with a disability who is under 15;
- The technology to be purchased qualifies as “assistive technology”.
IDA IDA FAQs
An IDA is a matched savings account where low-income households can earn up to $4,000 by saving on a monthly basis. However much an individual saves, the program matches it dollar for dollar. Save a dollar—get a dollar! If the maximum is saved, they would have $8,000 to go towards their specific savings goal (assistive technology or business equipment). There are eligibility guidelines and requirements.
IDAs can be used to purchase all types of Assistive Technology and Business Equipment. The assistive technology can be for personal or business use. The business equipment can be used for employment or self-employment.
Assistive technology is broadly defined to include any device that maintains or enhances the functional capabilities of an individual with a disability – for example: hearing aids, wheelchairs and other mobility devices, vision aids, computers with and without special adaptations and software, cognitive aids, vehicle accessibility modifications and adapted vehicles, and business equipment and office furniture with modifications for people with disabilities. IDAs also can used to purchase the services needed to make effective use of an assistive device – help with selection, training and repairs, for example.
Business equipment for employment/self-employment, or training (related to the equipment or software) that will lead to employment/self-employment can include, but is not limited to computers, printers, software, home modifications, and other assistive technology or equipment needed for a business. For example, a seamstress could purchase a sewing machine, a landscaper could purchase a lawnmower or a bookkeeper could purchase a computer with QuickBooks along with training on how to use QuickBooks.
- To enroll in our matched saving program, an applicant must show that:
- He or she is a Washington State resident with a physical, mental or sensory disability and/or caring for a child or other family member with a disability;
- Household income at the start of the savings program is equal to or less than 80% of the county median income, adjusted for household size;
- Household net assets at the time of application must be at or below $20,000. “Household net assets” is the total market value of all assets owned in whole or in part by any household member minus total debts or obligations. The value of the primary dwelling unit, one motor vehicle, special needs trusts and similar accounts (including e.g., accounts set up under ABLE Act), and retirement accounts are excluded in calculating net worth;
- The individual account holder must be at least 18 years old when the equipment is purchased; family members may apply for a person with a disability who will be under 18 when their savings goal is reached.
- The items to be purchased qualify as assistive technology or business equipment.
Complete and return the IDA application. If the application is approved, you will complete a Savings Agreement & other enrollment forms. After these forms are completed, we will help you establish a special custodial IDA bank account. Once the account is set up, you must make regular monthly deposits in the account. Deposits will be made by electronic funds transfer on a day of the month that you choose.
Yes. You must participate in financial literacy training and training or counseling relevant to your IDA purchase. We will help you identify and/or provide the qualified trainings.
You can use any income, including SSI or SSDI.
Qualified applicants will be accepted on a first-come, first-served basis. Only a limited number of accounts are available. If no accounts are available, you can be added to a waitlist.
You must save for at least six months in order to receive the match. Your savings goal must be completed within three years of your IDA enrollment.
It is a 1:1 match of up to $4,000.
Participants also are eligible to apply for a low-interest loan from Northwest Access Fund. Participation in an IDA savings program does not guarantee loan approval. However, if approved, the loan can be combined with IDA savings and match to purchase needed equipment.
An IDA will not impact your eligibility for SSI or your monthly benefit payment, or any other federal benefit program if your savings account is set up in a custodial account. This is an account held in the name of Northwest Access Fund with the participant as a beneficiary. Because it is a custodial account, you cannot withdraw funds from the account without our permission. When a purchase is made, the check will be sent directly to the vendor – meaning that the funds do not pass through the participant’s account. This all means that neither the savings nor the match should be counted as income and/or assets.
Yes. You must notify us of your decision. We will provide the paperwork you need to access the funds (that you have saved, not the match) in your IDA. Note: withdrawal of funds for a non-IDA purpose could impact the amount of, or eligibility for, SSI, Medicaid or other government benefits. Depending on the amount of your withdrawal, we recommend (and may require) that you speak to a benefits planner.