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 

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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