Individual Development Accounts are savings accounts that give low income individuals and families the opportunity save and build assets. Those who open an IDA will receive matching funds towards purchasing a house or car or opening a childcare center.Â Every dollar saved earns a $4 match. Savings of up to $2000 towards purchasing a home or opening a childcare center will receive a match up to $8000. Savings up to $1000 towards a vehicle purchase will receive a match up to $4000.To be eligible you must be employed, earn below 200% of the poverty line, and not own more than $10,000 in assets not including one primary home and one vehicle. Applicants are required to take 12 hours of financial education and training.
The program, supported by the United Way, is administered by Family Services of Greater New Orleans. For more information call 504-822-0800 and ask about the IDA program.