Individual Development Accounts
Few people ever spend their way out of poverty. Those who escape permanently usually do so through saving and investing in personal financial assets to achieve long-term goals. United Way’s Individual Development Account Program moves people from homelessness and poverty to being back on their feet—and staying there.
IDAs are matched savings accounts designed to encourage saving and investing in financial assets that increase in value over time. They encourage savings and development of personal responsibility. You can use your IDA funds towards education, a computer, tools needed for employment, starting or expanding a small business or down payment/closing costs for homeownership.
Those who qualify must be working and ready to save. They must be willing to take classes on managing finances. They must commit to saving every month. They must be serious about making it on their own.
We will resume accepting applications in mid-2014. Want to learn more?