U.S. Department of Health and Human Services: Refugee Individual Development Accounts Program
The Refugee Individual Development Accounts (IDA) Program represents an anti-poverty strategy built on asset accumulation for low-income refugee individuals and families with the goal of promoting refugee economic independence. The Refugee IDA Program will support projects that establish and manage refugee IDAs for low-income refugee participants. Eligible refugee participants who enroll in these projects will open and contribute systematically to IDAs for specified asset goals, including home ownership, business capitalization, vehicles for educational or work purposes, professional certification, and education (limited to postsecondary education, college entrance exam fees, and preparation and test fees for the Test of English as a Foreign Language (TOEFL) and General Education Development (GED) exam).
The objectives of the Refugee IDA Program are to help participants:
- Establish IDAs
- Maintain regular saving habits
- Participate in the financial institutions of this country
- Acquire assets to build individual, family, and community resources
- Increase their knowledge of financial and monetary topics, including developing a household budget
- Advance their education
- Buy homes
- Gain access to capital
- Increase the socio-economic development of their communities
These new projects will accomplish these objectives by establishing programs that combine the provision of matched savings accounts with financial training and counseling.
Amount: Approximately $2,500,000 is available to make up to 10 awards ranging from $100,000-$250,000 for a 48-month project period.
Eligibility: Public or private non-profit agencies.
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