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.
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
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
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Habitat for Humanity St. Tammany West
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Housing Authority of New Orleans
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