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Oakland Families Building Wealth IDA Program
The City of Oakland’s Helping Working Families Initiative is proud to announce the launch of its new Oakland’s Families Building Wealth Pilot IDA Program
For every $2,000 you save, AC-OCAP will match with up-to $4,000.
The goal of the Oakland’s City-Wide Families Building Wealth Pilot IDA Program is to provide greater opportunities for Oakland’s low income families/individuals. The objectives of the program are to 1) increase the level of financial education and take up rate for the City of Oakland’s Annual Earned Income Tax Credit (EITC) Campaign; 2) open previously unbanked low and moderate income families savings accounts; and 3) open Individual Development Accounts with a match of $2 for every $1 saved for a total match of up to $4,000 to assist IDA Savers in achieving homeownership in Oakland, acquiring an accredited post-secondary education, or creating/expanding an Oakland based microenterprise opportunity.
Who is eligible to participate in the City of Oakland’s Families Building Wealth IDA Program?
- Have a social security number
- Be 18 years of age or older to use of match funds (or 17 at time of enrollment)
- Be a current resident of Oakland
- Complete eight hours of City of Oakland Families Building Wealth Financial Education training
- Have less than $10,000 in net assets, excluding a home and an automobile
- Earn wages from full- or part-time work
- Meet one of the two income-limit guidelines outlined below:
- 200% Poverty Level Guidelines, or
- Eligible for the Earned Income Tax Credit (EITC)
AC-OCAP is no longer accepting new applicants for the IDA program. For further information, call Alameda County-Oakland Community Action Partnership at 510-238-2362.
|Lao Family Community Development||2325 E. 12th Street |
Oakland, CA 94601
|510-533-8850||Savings: First-time home ownership, education and small business development|
|LIFETIME||1880 Fairway Drive, San Leandro, CA 94577||510-352-5160||Savings: Post secondary education and small business development|
|Oakland Housing Authority||1619 Harrison Street, Oakland, CA 94612 (mailing address)||510-587-2114||Savings: First time home purchase|
|Civicorps||101 Myrtle Street, Oakland, CA 94607||510-992-7800||Savings: Post secondary education and small business development|
|Operation Hope||3062 E. 9th St. Oakland, CA 94601||510-535-6700||Savings: First time home purchase, post secondary education and small business development|
|Women’s Initiative For Self-Employment||519 17th Street, Suite 110 Oakland, CA 94612||510-287-3622||Savings: Small business development, post secondary education and first time home purchase|
|East Bay Asian Development Corporation (EBALDC)||310 8th Street, Suite 200, Oakland, CA 94607||510-287-5353||Savings: First-time home purchase, post secondary education and small business development|