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The United Lives IDA program is the cornerstone of our income-based community impact work, representing how much can be accomplished when communities work together.
What are Individual Development Accounts (IDA)?
IDAs are subsidized savings accounts that encourage low-income individuals to save by matching their deposits at various rates. The match incentive is similar to an employer match for a 401(k) or other retirement savings plan and is provided by a variety of government, private and social sector sources.
How does the United Lives IDA program work?
The United Lives IDA program will match $1k of participant savings at a 4:1 rate for a total of $5k. Once the savings goal has been reached, funds are then invested in one of three assets;
- Post-secondary education
- Homeownership
- Microenterprise
United Lives IDA program: More than just savings
The United Lives IDA program does more than just match savings; it is a comprehensive community development investment tool that will lead to financial stability for low-income individuals in the Greater Newark Area including—East Orange, Harrison, Irvington, Kearny, Orange and South Orange—by providing:
- Financial screening and linkage to EITC and other public benefits
- Financial literacy classes including strategies for credit repair and debt reduction
- Access to the financial mainstream through preferred account programs with our financial partners
- Free tax preparation through VITA sites and split refunds
- Access to asset protection tools and strategies
- ...and much more!
Newark, NJ 07102
973.624.8300