Dakota Dream Savings Fund

Rural Office of Community Services, Inc.
Lake Andes, South Dakota

	The Dakota Dream Savings Fund The South Dakota Individual Development Account Collaborative was started as a joint effort between the North Dakota Community Action Association and the South Dakota Community Action Agencies to create an IDA Program in South Dakota. The IDA Program is a matched savings account program to provide, for qualified individuals, the opportunity to save money toward purchasing a home, starting or expanding a small business or pursuing secondary education. Their savings, up to $2,000, will then be matched 3:1 by grant monies through the four South Dakota CAP Agencies for the purchase of a home, business start up or expansion or secondary education. The IDA Program is an exciting new venture for the CAP agencies as well as the participants. For more information, call ROCS at 1-877-254-6110, email kmarts@rocsinc.org or stop into the office in Lake Andes. Read a story about a Dakota Dream Graduate! The Burden's purchased a home with the help of the ROCS Dakota Dream Savings Fund.

How does the Dakota Dream Savings Fund work? Applicants fill out the application and submit verifying information. Once approved, the client will open a special savings account at a participating financial institution. Clients make monthly savings deposits, as little as $25 per month, to save towards their goal of purchasing a home, starting or expanding a small business or pursuing secondary education. Once the client has met their savings goal, up to $2,000, and is ready to make their purchase and has completed the education portion of the program, their savings and the 3:1 match money will be withdrawn and paid to the selected vendor.	Dakota Dream Savings Fund Income Guidelines Based on household size. Qualified applicants must be below 200% of the Federal Poverty Line.
	Number in Household	Maximum Income (200% of FPL)
	1	$21,660
	2	$23,312
	3	$29,296
	4	$35,280
	5	$41,264
	6	$47,248
	7	$66,540
	8	$74,020
	More than 8, add	$7,480 per hh member