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:

• $7,500 max investment for home or small business $1,500 savings + $6,000 match 
• $5,000 max investment for education or vehicle $1,000 savings + $4,000 match 
• $5,000 max investment for home maintenance $1,000 savings + $4,000 match 

PROGRAM REQUIREMENTS

• Commit to staying in the IDA Project untilreaching savings goal
• Deposit at least $50 each month whileparticipating in the program
• Be enrolled in the program for at least six (6)months before withdrawing from the Individual Development Account (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, home maintenance, or post-secondary education
• One (1) year follow-up