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. 

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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

IDA Program Update 2019-2021

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For the last three years, we assisted 125 clients in the IDA program. By matching their savings, we were able to double their savings efforts and help them to achieve their financial goals, such as purchasing assets for their business to be able to produce more income and buying a home for their family.

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In total the amount we matched from savings goals reached was $446,000, which helped our clients purchase assets worth $6,392,695.16. 

 

• $20,000 was saved for purchasing a home, and through matching allowed five people to buy homes valuing $2,264,777.

• The majority saved for starting or expanding a business. 110 of our clients saved $451,525.46, which we matched, and they purchased assets worth $4,087,651.61.

• Five of our clients met their goal of $10,000 saved for education, enabling them to pay $20,000 towards tuition or other educational expenses.

• Last, five of our clients saved $5,000 for purchasing a vehicle, and they were able to buy cars worth $40,142.55 total.