After being uprooted by war and civil conflict, refugees have an opportunity to establish permanent roots through IRC’s Home Buying Program. As first-time homeowners in the Phoenix community, clients are able to reach an important milestone in creating their own American dream.
The Individual Development Account (IDA) program provides matched savings accounts for low income working refugees. This helps them invest in assets that will improve their economic security, such as new homes or businesses. The program is a different approach to empowering refugees, as IDA clients must actively save money which is then matched to help them reach their goals. They also attend financial literacy workshops where they learn how to manage their money and understand the responsibilities of home ownership.
Since October of 2007, the IDA program has helped 35 families purchase homes for a total value of $4,471,260. For many clients, these homes are the fruition of many years of saving in the United States. Caitlin Maynard, the Program Coordinator, spoke about the experience of handing clients keys to their new homes, “I have the best job at the IRC. I get to help people achieve their dreams. The clients are thrilled, they’ve saved 5,000 dollars, many of them on a very limited budget.” The program currently has 96 active participants. If you are interested in supporting IRC’s Community and Economic Development programs, including IDA, please contact Jon Vosper at 602.433.2440 ext. 235.
