Individual Development Account

The Individual Development Account (IDA) is an asset-building program for low-income individuals. Funded by the Office of Hawaiian Affairs (OHA), ALU LIKE, Inc. has partnered with Bank of Hawai‘i to offer this asset-building tool to Native Hawaiians around the state.
Since 1999, ALU LIKE, Inc. has offered Individual Development Accounts as a tool to help lower-income families save for the purchase of an asset and enter the economic mainstream. The objective of the program is to assist people with limited means in achieving financial independence and becoming financially self-sufficient by providing the skills to:

To ensure post-program stability, qualified individuals will develop budget-making skills through financial literacy, asset goal classes and case management.

Program Overview:
Individual Development Accounts are matched savings accounts, designed to help low to moderate income individuals accumulate assets and build wealth for purposes of:

Match Ratio:
ALU LIKE, Inc.’s IDA program offers a 2:1 match. Which means, for every one-dollar saved by an IDA participant; he/she will receive a two-dollar match up to a maximum $1,000.00.

Eligibility:
IDA Program Eligibility Requirements and Guidelines (PDF)

Frequently Asked Questions (PDF)