Individual Development Account (IDA) in Lowell, MA
Identify financial goals, build healthy saving habits, and invest in your furture.
What is the International Institute of New England’s (IINE) IDA Program?
IINE’s IDA Program is a matched savings program that helps participants identify financial goals, develop healthy savings habits, and invest in their future.
How does the IDA Program work?
- IDA participants work to save their money in a special IDA Savings Account at our partner financial institution to be used toward the purchase of a car or a first home or for paying educational/vocational training expenses, small business expenses or rental assistance.
- For clients saving toward a car, a home, educational/vocational training expenses, or small business expenses, IINE matches participants’ savings, at a 1:1 rate (IINE matches each dollar saved by the client with a dollar), up to $2,000 for an individual participant and up to $4,000 for a household participant. The match rate and match cap may differ for rental assistance.
- While working on saving money, IDA participants complete IINE’s IDA Financial Literacy course as well as an asset-specific training.
- After achieving their savings goals and completing the required classes, IDA participants use the combined savings (participants’ savings plus IINE’s matching funds) toward the purchase of their selected asset.
- If an individual participant saves $2,000 in his/her IDA Savings Account, they would have their own $2,000 plus a matching $2,000 from IINE’s IDA Program, or $4,000 in total, to put towards the purchase of their selected asset.
- If a household participant saves $4,000 in his/her IDA Savings Account, they would have their own $4,000 plus a matching $4,000 from IINE’s IDA Program, or $8,000 in total, to put towards the purchase of their selected asset.
- IINE’s IDA matching funds are not a loan and do not need to be repaid.
- IINE’s IDA matching funds may not be used towards paying existing loans or debts.
- Lowell IDA Program is only available for Afghans.
Program Information Request Form