Refugee Individual Development Accounts (IDA) Program

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:

1. Establish IDAs;
2. Maintain regular saving habits;
3. Participate in the financial institutions of this country;
4. Acquire assets to build individual, family, and community resources;
5. Increase their knowledge of financial and monetary topics, including developing a household budget;
6. Advance their education;
7. Buy homes;
8. Gain access to capital; and
9. Increase the socio-economic development of their communities.

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:

• Primary residence home purchase;
• Vocational training, professional recertification, and education (limited to postsecondary education costs, college entrance exam fees, and TOEFL and GED preparation and test fees) as required for employment, certification, or educational purposes;
• Microenterprise capitalization, including home-based child care services; and,
• Vehicle purchase.

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.

• City or township governments
• County governments
• Independent school districts
• Native American tribal governments (Federally recognized)
• Native American tribal organizations (other than Federally recognized tribal governments)
• Nonprofits having a 501(c)(3) status with the IRS, other than institutions of higher education
• Nonprofits that do not have a 501(c)(3) status with the IRS, other than institutions of higher education
• Private institutions of higher education
• Public and State controlled institutions of higher education
• Public housing authorities/Indian housing authorities
• Others (see text field entitled "Additional Eligibility Criteria" for clarification)
• Special district governments
• State governments

Estimated Total Program Funding: