Matched Savings (Individual Development Account)
An Individual Development Account (IDA) is a matched savings program. For every dollar you save, the program will match a dollar. You can save up to $4,000 per family to be spent attending school, opening a business, owning a home or buying a vehicle (up to $1000).
Starting six months into the program, you may begin to use your funds. The IDA project is funded by the federal office of refugee resettlement. We look forward to more refugees reaching their goal.
Requirements for an IDA savings account:
- Be a refugee or asylee at least 18 years old
- 200% or less of Federal Income Poverty Level
- Not have assets worth more than $10,000
- Be 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
For more information, contact: