“Few people have ever spent their way out of poverty. Those who escape do so through saving and investing for long-term goals.” – Michael Sherraden, author of Assets and the Poor
In 2005, United Way of Treasure Valley applied for a five year Federal Grant to bring the first statewide Individual Development Account (IDA) Program to Idaho. This program provides an asset based approach for giving low-income families a hand up out of poverty. The IDA Program provides matching funds at a rate of $2 for every $1 saved by eligible individuals up to a maximum of $2,000 that can be used for assets such as first time home purchase or post-secondary education. In addition to the matching aspect, the program includes financial education as well as asset specific training. Individuals living at 200% of the Federal Poverty Level or below can apply for the program.
IDA Program Successes:
- 42 participants have purchased a home and 11 more are working toward home ownership
- 27 participants are utilizing the program for post-secondary education
- 3 have successfully completed the program and used their IDA to start a small business
- Over 460 hours of financial education were completed
- Over 294 hours of homeownership courses and career counseling were provided
- $334,102 in total participant savings and matching funds were deposited
- An average of $125 was saved each month by low income families in the Treasure Valley
- Close to 60 participants used all or part of their Earned Income Tax Credit (EITC) to make a lasting impact
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IDA Program Funders:
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- Bank of America
- Boise City CDBG Funds
- Chase Bank
- Fannie Mae
- Home Federal Bank
- Idaho Association of Mortgage Brokers
- Idaho Housing and Finance Association
- Nampa Housing Authority
- Partners for Prosperity
- U.S. Bank
- Wells Fargo Bank
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| IDA Program Partners: |
- Boise City/Ada County Housing Authority
- Boise State University – McNair Scholars Program
- Catholic Charities of Idaho
- Community Action Partnership Agencies
- Idaho Housing and Finance Association
- Nampa Family Shelter Coalition
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Click here to read a related news article,
Looking for your financial bootstraps? United Way program may have the answer