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 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/university or technical school 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 literacy and asset-specific trainings


PROGRAM COMPONENTS

  • Credit Counseling Services
  • Case Management Services
  • Financial literacy trainings
  • Asset-Specific Training regarding homeownership, entrepreneurship /business or vehicle purchase training, or post-secondary education
  • One (1) year follow-up
     

LEARN MORE.

 

 


 

Partners

Capital One Bank

Chase Bank

City of New Orleans

Family Resources of New Orleans

Fidelity Bank

First NBC Bank

Good Work Network

Habitat for Humanity St. Tammany West

Hope Federal Credit Union

Housing Authority of New Orleans

IBERIABANK

Jefferson Department of Community Development

JUMA

Junior Achievement

Metairie Bank & Trust

Metropolitan Center for Women & Children

Neighborhood Development Foundation

Neighborhood Housing Services

New Orleans Area Habitat for Humanity

New Orleans Family Justice Alliance

Northshore Technical College

Providence Community Housing

Safe Harbor

Small Business Administration

St. Bernard Battered Women’s Program, Inc.

Whitney Bank

 

 


 

Supported By: