Individual Development Accounts (IDAs)
Objective
The objectives of the IDA Program are to increase the ability of low-income refugees to save; promote their participation in the financial institutions of this country; assist refugees in advancing their education; increase home ownership; and assist refugees in gaining access to capital.
Program Description
Individual development accounts are matched savings accounts available for the purchase of specific assets. Under the IDA program, the matching funds, together with the refugee's own savings from their employment, are available for purchasing one (or more) of four savings goals: home purchase; microenterprise capitalization; post secondary education or training; and in some cases, purchase of an automobile if necessary to maintain or upgrade employment.
IDA grantees provide matched savings accounts to refugees whose annual income is less than 200 percent of the poverty level and whose assets, exclusive of a personal residence and one vehicle, are less than $10,000. Grantees provide matches of up to $1 for every $1 deposited by a refugee in a savings account. The total match amount provided may not exceed $2,000 for individuals or $4,000 for households. Upon enrolling in an IDA program, a refugee signs a savings plan agreement which specifies the savings goal, the match rate, and the amount the refugee will save each month.
In addition, the IDA grantees provide basic financial training which is intended to assist refugees in understanding the American financial system, budgeting, saving, and credit. The IDA grantees also provide training focused on the specific savings goals. The specialized training ensures that refugees receive appropriate information on purchasing and managing their asset purchases.
Eligible Entities
Public or private non-profit organizations
Targeted Populations
In addition to persons who meet all requirements of 45 CFR 400.43, eligibility also includes:
- Cuban and Haitian entrants under section 501 of the Refugee Education Assistance Act of 1980 (Pub. L. 96-422);
- Certain Amerasians from Vietnam who are admitted to the U.S. as immigrants under section 584 of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, as included in the FY 1988 Continuing Resolution (Pub. L. 100-202); and
- Certain Amerasians from Vietnam, including U.S. citizens, under Title II of the Foreign Operations, Export Financing, and Related Programs Appropriations Act of 1989 (Pub. L. 100-461), 1990 (Pub. L. 101-167), and 1991 (Pub. L. 101-513). For convenience, the term ``refugee'' is used in this notice to encompass all such eligible persons.
Individual Development Accounts Results
Office of Refugee Resettlement IDA project 2007-2010
2010 IDA Grantees
| GRANT TYPE | GRANTEE NAME | CITY | STATE | END DATE | AMOUNT | CONTACT NAME | ADDRESS | TELEPHONE |
|---|---|---|---|---|---|---|---|---|
| IDA | Alliance for African Assistance | San Diego | CA | 9/29/2013 | $251,804 | Erica Bouris | 5952 El Cajon Blvd. San Diego CA 92115 | 619-286-9052 |
| IDA | Pacific Asian Consortium in Employment | Los Angeles | CA | 9/29/2013 | $270,000 | Namoch Sokhom | 1055 Wilshire Blvd. Suite 1475 Los Angeles CA90017 | 213-989-3265 |
| IDA | Spring Institute for Intercultural Learning | Denver | CO | 9/29/2013 | $270,000 | Sisay Teklu | 1610 Emerson St. Denver CO 80218 | 303-863-0188 |
| IDA | Refugee Resettlement & Immigration Services of Atlanta | Decatur | GA | 9/29/2013 | $270,000 | Laura Medders | 4151 Memorial Drive, Ste. 205D Decatur GA 30032 | 404-622-2235 |
| IDA | Indiana Housing and Community Development Authority | Indianapolis | IN | 9/29/2013 | $200,000 | Jacqueline Troy | 30 South Meridian, Suite 1000 Indianapolis IN 46204 | 317-232-3560 |
| IDA | World Relief Corporation of National Assoc. of Evangelicals | Baltimore | MD | 9/29/2013 | $221,534 | Laurel Opal | 7 East Baltimore Street Baltimore MD 21202 | 630-906-9546 |
| IDA | Fund for the City of New York | New York | NY | 9/29/2013 | $280,000 | Yanki Tshering | 121 Avenue of the Americas, 6th Floor New York, NY10013 | 212-925-6675 |
| IDA | Lutheran Social Services of South Dakota | Sioux Falls | SD | 9/29/2013 | $269,964 | Tim Jurgens | 705 E. 41st St., Ste. 200 Sioux Falls SD 57105 | 605-357-0100 |
| IDA | Ethiopian Community Development Council, Inc. | Arlington | VA | 9/29/2013 | $224,000 | Tsehaye Teferra | 901 S. Highland Street Arlington VA 22204 | 703-685-0510 |
| IDA | International Rescue Committee | Phoenix | AZ | 9/29/2012 | $230,000 | Caitlin Maynard | 5227 N. 7th Street Phoenix AZ 85032 | 602-433-2440 |
| IDA | Catholic Charities of Santa Clara County | San Jose | CA | 9/29/2012 | $204,000 | Alma Salihovic | 2625 Zanker Road San Jose CA 95134 | 408-646-8408 |
| IDA | Catholic Charities, Diocese of St. Petersburg | St. Petersburg | FL | 9/29/2012 | $200,000 | Debbi Colon | 1213 16th Street North Saint Petersburg FL 33705 | 727-893-1313 |
| IDA | Mountain State Group, Inc. | Boise | ID | 9/29/2012 | $201,018 | Anita Brunner | 1607 W. Jefferson Boise ID 83702 | 208-336-4222 |
| IDA | Western KY Refugee Mutual Assistance Society | Bowling Green | KY | 9/29/2012 | $150,000 | Laura Cohron | 806 Kenton Street Bowling Green KY 42101 | 270-781-8336 |
| IDA | Cambodian Mutual Assistance Association of Greater Lowell | Lowell | MA | 9/29/2012 | $192,380 | Sengly Kong | 120 Cross Street Lowell MA 01854 | 978-454-6200 |
| IDA | Maine Department of Helath & Human Services | Wicasset | ME | 9/29/2012 | $207,901 | Jill Lorom | P.O. Box 268 Wicasset ME 04578 | 207-882-7552 |
| IDA | Catholic Charities, Diocese of Camden | Camden | NJ | 9/29/2012 | $120,000 | Kevin Hickey | 1845 Haddon Ave. Camden NJ 08103 | 856-756-7900 |
| IDA | Economic & Community Development Institute | Columbus | OH | 9/29/2012 | $230,000 | Inna Kinney | 475 East Mound Street Columbus OH 43215 | 614-559-0106 |
| IDA | Alliance for Multicultural Community Service, Inc. | Houston | TX | 9/29/2012 | $203,500 | Ferol Beer | 6440 Hillcroft, Suite 411 Houston TX 77081 | 713-776-4700 |
| IDA | ECDC Enterprise Development Group | Arlington | VA | 9/29/2012 | $280,000 | Emmanuel Mpfayokurera | 901 S. Highland Street Arlington VA 22204 | 703-685-0510 |
| IDA | Diocese of Olympia | Olympia | WA | 9/29/2012 | $205,000 | Greg Hope | 1610 South King Street Seattle WA 98144 | 206-323-3152 |
| IDA | Neighborhood Assets | Spokane | WA | 9/29/2012 | $ 50,000 | Kerri Rodkey | 212 S. Wall Spokane WA 99201 | 509-456-7174 |
Program Summary Outcomes
The following are the summary data for the 54 Individual Development Account (IDA) program grantees from October 1999 to September 2008. Click here to view the outcomes. (doc 99KB)
Technical Assistance
ORR makes technical assistance available for its IDA grantees through ISED solutions. The ISED website includes many IDA resources specific to the ORR program. For specific technical assistance questions, contact:
Marijana Ababovic
Consultant
Institute for Social & Economic Development
Phone: 585.342.9437
Marijana.ababovic@ised.us
www.ised.us
Other IDA Initiatives open to Refugees
The Administration for Children & Families, Office of Community Services (OCS) administers the Assets for Independence (AFI) program. ORR and OCS are collaborating on assisting refugees access these mainstream programs. There are more than 200 such programs across the country! To find a program near you, go to: http://idaresources.org/Map
For further information on AFI and how to become an AFI provider, see http://www.acf.hhs.gov/assetbuilding/.
CFED, the corporation for Enterprise Development, is a nonprofit organization that helps Americans expand economic opportunity. One area of focus is their 2007 Assets and Opportunity Scorecard, an evaluation tool which details individual state programs and policies designed to build assets. Additionally, CFED maintains a searchable IDA Directory which lists IDA programs nationwide.
Financial education resources are available from a variety of sources.
Contact Information
Yimeem Vu
Program Analyst
Office of Refugee Resettlement
Administration for Children and Families
901 D Street SW
Washington DC 20447
Phone: 202.401.4825
Fax: 202.401.0981
yimeem.vu@acf.hhs.gov