A program designed to assist low-income individuals and families build financial assets to purchase a home, start or grow a small business, or pay for college tuition or vocational education. The IDA program is part of Assets for Independence, a federal program administered by the Office of Community Services of the U.S. Department of Health & Human Services. United Way Essex and West Hudson serves as an administrator for the IDA program
The IDA program assists people in achieving financial independence by providing the skills to:
- Develop a budget and set goals
- Establish regular savings habits
- Build assets for long-term economic security.
The program matches the savings of families, up to one to five times the size of each deposit you make .A savings match means that for every $1 you save, we will give you $4 for a total of $5, up to $5,000.
IDAs are available to income-qualifying participants who participate in the program for a minimum of six months after opening an account, complete the approved, basic financial education classes, finish classes related to savings goals and provide documentation for a qualified purchase.
For more information about United Way of Essex and West Hudson IDA Program contact Josephine Russo at Jrusso@uwewh.org or 973-854-2246