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