Programs & Services
Individual Development Accounts / Asset Development
Wayne-Metro's Center for Financial Asset Development runs the Michigan $AVE$ Individual Development Account Program, a statewide program that helps people with limited income to save money and build financial assets.
Michigan $AVE$ Invidudual Development Account Program (IDA) matches client savings by offering them the opportunity to purchase a home, start or expand a small business, or pursue higher education. To be eligible, the participant much be employed, and must have been employed for the past 12 months. The Michigan $AVE$ IDA Program is designed to help families with children who are willing to commit to saving money every month for at least 6 months. IDA clients must also be willing to address their credit issues, complete training on homeownership or/micro-business development and financial planning.
Financial Planning - An educational program that helps you manage your money, develop a personal savings and budget plan, manage and repair your credit, avoid predatory lending.
Homeownership - Every $1 you save in your Michigan $AVE$ IDA account is matched up to $3. You can save $1,000 in an IDA account for a down payment on a first home and receive up to $3,000 in matching funds for a total of $4,000 in homeownership funds.
Small Business/Education - Every $1 you save in your Michigan $AVE$ IDA account is matched up to $2. You can save $1,000 in a Michigan $AVE$ IDA for capital investment and will receive up to $2,000 in matching funds for a total of $3,000 in business ownership funds or funds for educational expenses.
For more information contact:
Miryam Lulion, Assets Program Coordinator
Wayne-Metro C.A.A. Main Service Office
3715 W. Jefferson
Ecorse, MI 48229
313-843-2550