IDA Project

United Way’s IDA Project is a matched savings account program helping low income individuals purchase long-term assets

 


 

United Way’s IDA Project is designed to help low-income individuals and families save money through a matched savings program. United Way’s IDA Program is designed to meet the needs of a community that has long-standing high percentages of intergenerational poverty. We are addressing these needs by allowing participants to use their IDAs for the purchase of a new home, vehicle, start a new or expand an existing small business or pay for post-secondary education.

Participants make regular deposits to a special “Individual Development Account” [IDA], held at a local financial institution. When the savings goal is reached, United Way sends a check for the asset purchase to the closing agency, dealership, college or vendor.

Participants receive a 4:1 match on their savings:

Those saving up to $1,500 will be matched with $6,000 for a maximum total of $7,500 for home or small business, and

Those saving up to $1,000 will be matched with $4,000 for a maximum total of $5,000 for post-secondary education or a vehicle purchase. 

PROGRAM REQUIREMENTS

Commit to staying in the IDA Project until reaching savings goal.

Deposit at least $25 each month into account while participating in the program

Be enrolled in the IDA Project for at least six (6) months before withdrawing from IDA

Attend financial education and asset-specific trainings 

PROGRAM COMPONENTS

Credit Counseling Services

Case Management Services

Financial Education Trainings

Asset-Specific Training regarding homeownership, entrepreneurship/business, vehicle purchase training, or post-secondary education

One (1) year follow-up 

LEARN MORE.

 

 


 

Partners

ASI

Capital One Bank

City of New Orleans

East St. Tammany Habitat for Humanity

Delgado Community College

Family Resources of New Orleans

Fidelity Bank

First NBC Bank

Good Work Network

Habitat for Humanity St. Tammany West

Hancock Whitney Bank

Hope Federal Credit Union

Housing Authority of New Orleans

IBERIABANK

Jefferson Community Action Programs

Lower 9th Ward NENA

Metairie Bank & Trust

Metropolitan Center for Women & Children

Neighborhood Development Foundation

Neighborhood Housing Services

New Day Homeowner Services

New Orleans Area Habitat for Humanity

New Orleans Family Justice Alliance

Northshore Technical College

Providence Community Housing

Safe Harbor

SCORE New Orleans Regional Chapter

Small Business Administration

St. Bernard Battered Women’s Program, Inc.

 

 


 

Supported By: