IDA Project | United Way of Southeast Louisiana

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IDA Project

About the Individual Development Account (IDA) Project 

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

Download the full brochure here

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.

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