IDA Project

Program Requirements | Program Components | Apply | Partners

About the Individual Development Account (IDA) Project

United Way’s IDA Project is a matched savings account program helping low-income individuals purchase long-term assets.

The project was launched with support from United Way Worldwide, Entergy Corporation, Women United, and Capital One in 2006 and has helped make homeownership a reality for more than 200 families.

→ Download the full brochure here.

United Way’s IDA Project is designed to help low-income individuals and families save money through a matched savings program. United Way’s IDA Program is designed to meet the needs of a community that has long-standing high percentages of intergenerational poverty. We are addressing these needs by allowing participants to use their IDAs for the purchase of a new home, vehicle, start a new or expand an existing small business or pay for post-secondary education.

Participants make regular deposits to a special “Individual Development Account” [IDA], held at a local financial institution. When the savings goal is reached, United Way sends a check for the asset purchase to the closing agency, dealership, college or vendor.

Participants receive a 4:1 match on their savings:

$7,500 max investment for home or small business $1,500 savings + $6,000 match
$5,000 max investment for education or vehicle $1,000 savings + $4,000 match
$5,000 max investment for home maintenance $1,000 savings + $4,000 match

PROGRAM REQUIREMENTS

Commit to staying in the IDA Project until reaching savings goal
Deposit at least $50 each month while participating in the program
Be enrolled in the program for at least six (6)months before withdrawing from the Individual Development Account (IDA)
Attend financial education and asset-specific training

PROGRAM COMPONENTS

Credit counseling services
Case management services
Financial education training
Asset-specific training regarding homeownership, entrepreneurship/business, vehicle purchase, home maintenance, or post-secondary education
One (1) year follow-up

HOW TO APPLY

→ If you or someone you know is interested in becoming a participant, please call [504] 827-6862 or fill out the form below.

IDA Program Inquiry Form

Parish of Residence

STOP AND CAREFULLY READ THE FOLLOWING.

This program is ONLY open to residents who reside in United Way of Southeast Louisiana's service area - Jefferson, Orleans, Plaquemines, St. Bernard, St. Tammany, Tangipahoa, and Washington parishes.

Residents of parishes outside of our service area are NOT eligible for this program.

Contact your local United Way for available programs in your area.

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Homeownership

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Post-secondary Education & Training

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