IDAs are leveraged or matched savings accounts established in qualified financial institutions. In the Refugee IDA Program, IDAs are matched with federal funds that have been allocated as "match funds" from at least 65 percent of the annual federal grant award. The funds are intended for the asset goals specified in this announcement. Although the refugee client maintains control of all funds that the client deposits in the IDA, including all interest that may accrue on the funds, the client must sign a Savings Plan Agreement that specifies the funds in the account will be used only for the client's qualified asset goal(s) or for an emergency withdrawal.
The objectives of the Refugee IDA Program are to help clients:
New projects will accomplish these objectives by establishing programs that combine the provision of matched savings accounts with financial training and counseling.
IDAs are established for refugee clients at a qualified financial institution. Refugee clients will systematically contribute to the IDAs out of earned income to purchase specified asset goals. The primary focus of the asset goals in their Refugee IDA Program is limited to the following areas:
For a comprehensive discussion of eligible clients, see pp. 3-5 of the NOFO in Attached Files below.
For program requirements, see pp. 5-10 of the NOFO in Attached Files below.
Estimated Total Program Funding: