MATCHED SAVINGS

An Individual Development Account (IDA) is a matched savings program for refugees and asylees who have been in the country for less than five years. For every dollar saved, the program will match a dollar. Each family can save up to $4,000 to be spent to attend school, open a business, buy a home or a vehicle (up to $1000). The IDA project is funded by the federal office of refugee resettlement.

Requirements for an IDA savings account:

Be a refugee or asylee
18 years old
Employed
Have been in the US for less than 5 years to save for a house or a small business
Have been in the US for less than 3 years to save for education or a vehicle
Under 200% or less of Federal Income Poverty Level for current year
Not have assets worth more than $10,000