Individual Development Accounts

In order to support our mission and vision, PCRI offers matched-savings Individual Development Accounts (IDAs) to help our residents plan and save to ensure stability and self-sufficiency. Our IDAs program is structured with the following guidelines. Other organizations may set guidelines different from ours, so if you find that you do not qualify under our terms, please visit to the VIDA website to locate an alternate IDA provider.

PCRI’s Guidelines for the IDA Program are as follows:

In order to fulfill our Mission, we at PCRI will provide IDAs first to our residents. If there are additional funds remaining and no residents apply for those funds, members of the general public who meet VIDA and PCRI’s requirements may apply.
When PCRI receives funding, we make sure the funds are always distributed on a first-come first-served basis, supporting as many applicants as possible. Because the IDA funds come from a mix of Federal and State moneys, these funds are supplied to PCRI as a one-time allotment. If PCRI receives a large number of applicants, we reserve the right to reduce the total savings of all the applicants so that more people may be served by the funds.
IDAs may be used for education in the following ways: Post-Secondary Education for youth, such as community college or university, or Continuing Education, such as certification, for adults as required for employment.
IDAs may not be used for Master’s Degrees.
Accounts for adults currently holding Bachelor’s Degrees will be opened only on a discretionary basis after consultation and explanation of needs. Preference in these situations will be given to PCRI residents who can show how a certificate added to their Bachelor’s will enhance their earning power or enable them to change jobs in a positive manner.
VIDA’s rules stipulate that qualified individuals may have two (2) IDAs in their lifetime. PCRI has modified this rule so that individuals may have one (1) IDA through PCRI unless the individual can explain how a second IDA will substantially improve his or her circumstances. In most instances, PCRI will refer the individual to one of our community partners for an account.
During the term of savings, IDA participants will occasionally be required to attend asset-specific meetings and trainings. Some of these are required by VIDA, while others are required by PCRI. All participants must complete Financial Fitness training either through PCRI or a community partner approved by PCRI. Your IDA specialist can tell you which trainings qualify.
Applicants must meet all of VIDA’s basic requirements. These requirements are posted on VIDA’s website and can be provided to you by your IDA specialist. In addition, applicants must meet PCRI’s in-house guidelines as listed above. Your IDA specialist is here to answer any questions you may have regarding the set-up and maintenance of an IDA account. We at PCRI hope to make your savings experience the most beneficial it can be.