Refugee Individual Development Program (IDA)
IDAs are leveraged or matched savings accounts established in qualified financial institutions from eligible client (refugee – asylum approval). The funds are intended for the Asset Goals specified in this announcement. Although the matching fund unrepaid.
The Individual Development Accounts (IDA) Program helps refugees and other ORR eligible populations save toward an asset that will help increase financial independence. The program helps refugees understand what assets are, how the U.S. financial system works, and how to manage their money.
Through the IDA program, refugees can save for one of four assets:
• Home purchase
• To start or support a business Participating in the Program The program serves refugees and other ORR-eligible populations who have been in the United States for less than five years.
To enroll in the program, participants must:
• Have a paying job
• Earn less than 200% of the federal poverty level
• Financial literacy training (like banking, savings, credit history, writing checks).
• Asset-specific training (like first-time homebuyer training, business planning, first time vehicle purchasing).
• A match of $1 for every $1 saved by the client. Matches are allowed up to $2,000 for individuals and $4,000 for households.