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
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