Double
With a matched savings account
Home Repair | Homeownership | Post-Secondary Education | Entrepreneurship
You
Save
$1,000
+
IDA
Matches
$1,000
=
Total
$2,000
How the IDA Program Works
Check Your Eligibility
The program is open to income-qualified Phillips and Coahoma County residents who met Earned Income Tax Credit requirements in 2024 (see chart).
| Number of Qualifying Children or Relatives | Single/Head of Household OR Qualifying Surviving Spouse OR Married Filing Separately | Married Filing Jointly |
| Zero | $18,591 | $25,511 |
| One | $49,084 | $56,004 |
| Two | $55,768 | $62,688 |
| Three or more | $59,899 | $66,819 |
Apply
You'll need to provide specific documents to verify your identity, income, and chosen savings path.
Required Documents
Valid State-Issued Photo ID
State ID, driver's license, U.S. passport, or military ID
2024 Form 1040
Pages 1 and 2 of your 2024 tax return
Saving Path Documentation
Specific documents based on your chosen saving path (See below)
Homeownership
Funds can be used for downpayment and closing on a home of which I am listed as owner or co-owner.
Required Document
A letter from your lender stating you have been approved for a loan and are in the process of obtaining a home.
Home Repairs
Funds can be used for major appliance replacement due to wear and tear, and/or home improvements or repairs to my home.
Required Document
The property card from my county's assessor's office listing me as owner or co-owner of the property.
Entrepreneurship
Funds can be used for an existing or start-up business.
Required Document
An executive summary of my business including how I plan to use the funds.
Post-Secondary Education
Funds can be used for educational expenses and tuition for yourself or your qualifying child.
Required Document
A current or future class schedule as proof of enrollment.
Important Note
You must choose one saving path and provide the corresponding documentation during the application process.
Open Your IDA Account
Our Program Officer will contact you to help open your FDIC-insured savings account at Southern Bancorp Bank.
Account Closure
Your IDA account automatically closes when funds are distributed.
Start Saving
Start building your savings at your own pace, with up to 6 months to reach your $1,000 goal.
Flexible Deposits
Save gradually over time or deposit larger amounts when convenient
30-Day Start Window
Make your first deposit within 30 days, then save up to 6 months total
Always Accessible
Maintain complete access to your saved money at all times
Complete Financial Education Course
Complete the FDIC Money Smart course during your savings period to build essential financial skills.
Receive Your Matched Funds
Funds will be deposited within 7 business days of reaching your savings goal and completing the education course.
Check My Eligibility
Important Note on Saved Funds
Your saved funds AND matched funds must both be used for your chosen savings path.
FAQs
What can I use the funds for?
Both your saved funds AND matched funds must be used for your chosen savings path. The options are: Home downpayment and closing costs, Home repairs, Entrepreneurship, and Post-Secondary Education. You must choose one and use all saved and matched money in support of the chosen goal.
What qualifies as a repair?
What qualifies as post-secondary education?
Enrollment in post-secondary institutions such as colleges, universities, trade schools, cosmetology schools, and similar programs. To qualify, individuals must provide proof of current enrollment, active coursework, and an outstanding balance owed to the institution.
Can the homeownership or home repair funds be used for a rental, or does it have to be the primary residence?
Use of funds is for owned primary residences only.
How long do IDA participants have to save?
From the account opening date, participants have a period of 6 months maximum to reach their savings goal. You can save and complete the savings goal sooner.
Is there a minimum saving time?
Participants must make an initial deposit within 30 days of opening or their account will be closed. They also must meet their savings goal and complete the Money Smart Course certification within six months of account opening.
When does the savings time period start?
The saving period starts when the IDA savings account is opened.
Is the course pass/fail OR just complete.
The course must be passed for a certificate to be produced. The certificate is required for the financial education component of the IDA savings program.
How often does someone need to make a savings contribution?
We suggest monthly deposits, but one-time or several lump deposits are allowable.
How can participants make their required savings deposits?
- Participants have the flexibility to make their required savings deposits in a single lump-sum deposit or multiple deposits made over the 6-month program duration.
- Funds may be deposited at a local branch in Phillips or Coahoma county. If an account is opened via email, the IDA Program Officer will provide instructions on making remote deposits.
How much is needed as an initial deposit to open the account?
$20
How are the IDA matched funds distributed?
Matched funds (up to $1,000) are deposited into your personal IDA account. Receipts for use of your saved and matched funds must be submitted within 3 business days of receiveing matched funds.
Can the saved and matched funds be immediately transferred to a regular checking account?
Yes, the funds can be immediately transferred.
Once the saved and matched funds are transferred, does the IDA account need to be closed?
The account will close once the account is at a zero balance. There isn’t any participant action needed.
How long can funds be left in that account?
Each participant has 6 months to use the funds from when they open their IDA matched savings account.
Why is a W-9 form needed?
The W-9 form is required to report the match funds as taxable income to the IRS. This ensures compliance with tax regulations.
Are an individual's savings also taxed?
No, only the match portion of the funds is considered taxable income. A participant’s savings portion is not taxed.
What happens if someone does not submit a W-9 form?
Without a completed W-9 form, we cannot process the match funds, as we need to report these funds to the IRS.
Where is the routing number and account number for an IDA account?
- Routing Number: 082901334
- The account number can be found in the account documents.