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INDIVIDUAL DEVELOPMENT ACCOUNT (IDA) PROGRAM


“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

IDA Program Funders:

  • 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 
  
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
 
 
 
For more information, contact Joyce Bailey 

 

 Click here for IDA brochure
 Click here to read a related news article, Looking for your financial bootstraps? United Way program may have the answer
 
 
 
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2340 S. Vista Avenue Boise, Idaho 83705 208.336.1070 www.unitedwaytv.org