Community Action Project of Tulsa County to Provide Individual Development Accounts Services

OKLAHOMA CAPITOL -- Community Action Project of Tulsa County (CAPTC) was recently awarded the contract to provide administration for the state’s Individual Development Accounts program (IDA) for fiscal year 2001.
"This program represents a new and revolutionary attempt at helping the disadvantaged climb the economic ladder," said Steven Dow, Executive Director, CAPTC. "We are pleased to be partners with OKDHS in empowering low-income families to provide for their future."

The IDA program is a savings account for people who are currently or have in the past participated in the Temporary Assistance for Needy Families program that allows them to set aside money for the future. Participants make deposits every month into an account with CAPTC partner, Bank of Oklahoma. The Bank of Oklahoma will serve as the repository institution for IDA funds.

The Oklahoma Department of Human Services will match money clients put into their accounts with a yearly limit of $500 per account and a lifetime limit of $2,000 per account. The money clients put into their accounts must come from income earned from working, not public assistance. Clients can then use this money for a down payment on a home, personal or children’s education, job training or to start a new business.

Those participating in the program must also attend a money management course within the first 90 days of having their account opened. The Oklahoma State University Cooperative Extension Service will provide money management and asset specific training at locations statewide.

This is the first year OKDHS has offered this program to TANF participants. For more information on the Individual Development Accounts program, call your local OKDHS county office.

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