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. 

The project was launched with support from United Way Worldwide, Entergy Corporation, Women United, and Capital One in 2006 and has helped make homeownership a reality for more than 200 families.

 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.
  • Those saving up to $500 will be matched with $2,000 for a maximum total of $2,500 for home maintenance. 

PROGRAM REQUIREMENTS

  • Commit to staying in the IDA Project until reaching savings goal
  • Deposit at least $50 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 training

PROGRAM COMPONENTS

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

HOW TO APPLY

→ If you or someone you know is interested in becoming a participant, please call [504] 827-6862.

PARTNERS

  • Capital One Bank
  • East St. Tammany Habitat for Humanity
  • Delgado Community College
  • Family Violence Program of St. Bernard
  • Gulf Coast Bank
  • Habitat for Humanity St. Tammany West
  • Hancock Whitney
  • Hope Federal Credit Union
  • Housing Authority of New Orleans
  • Investar Bank
  • Jefferson Community Action Programs
  • 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
  • Safe Harbor

 

SUPPORTED BY

 

entergylogo afi CapOne Logo

 

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