IRC-LA partners with the United Way to help refugees work towards their American Dream
Individual Development Accounts (IDAs) are matched savings accounts that enable low-income American families to save, build assets, and enter the financial mainstream. IDAs reward the monthly savings of working-poor families who are building towards purchasing an asset - most commonly buying their first car, paying for post-secondary education, or starting a small business. IDAs make it possible for low-income families to build the financial assets they need to achieve the American Dream.
The match incentive - similar to an employer match for 401(k) contributions, is provided through a variety of government and private sector sources. Organizations that operate IDA programs often couple the match incentive with financial literacy education, training to purchase their asset, and case management.
IRC has successfully enrolled 30 clients annually over the course of three years. Funding has been provided through the United Way. Each year, 30 IRC clients save $2,000 in a joint account with United Way and, by the end of the sixth month and after attending required financial literacy seminars, clients can request to use their savings and match toward their asset purchase.