It is with a heavy heart that we announce that Share’s Individual Development Account (IDA) program is now closed. The program relied on grant funding that is no longer available.
While we are unable to add new people to the program, we do have a number of people still saving and we look forward to congratulating them when they graduate from the program!
Started in 2008, the program was innovative, aimed at helping individuals and families to build equity. Saving money for future needs can be difficult for people struggling to keep up with daily living expenses and current bills. While there are many helpful programs that put food on the table or cover immediate needs, they don’t move people out of poverty.
During the 13 years in which the program operated, Share’s IDA program helped:
83 people/families purchase a home
83 people start a business
96 people pursue higher education
The IDA program worked by creating a bank savings account for an individual for a future asset. Participants saved up to $1,000 to be used as a down payment on the purchase of a home, to start a business or to pursue higher education. The program provided a 4:1 match to put toward these assets. (Program restrictions applied.)
The IDA program was funded by a grant from Assets for Independence (AFI), a program of the U.S. Department of Health and Human Services, which provided approximately 50 percent ($500,000) of program costs. The remaining 50% ($500,000) was funded through non-Federal sources.
Share’s IDA program also included a matched savings opportunity through a partnership with Clark College Foundation, providing an 8:1 savings match for tuition, books and school fees. (Program restrictions applied.)
A five-year, $300,000 grant from AFI funded the Clark College Foundation partnership through Share’s IDA Program.