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Individual Development Account (IDA) Program
In 2006, our family enrolled in the IDA Program to save money to buy a house. It took us about two years to save $4000 which was matched with another $4000 through the program... We were able to save a lot of money which we used to buy our first home, a four-bedroom, 2½ bath house in Union City—much better than our two-bedroom apartment.
Lao Family’s Individual Development Account (IDA) program enables asylees and refugees to establish matched savings accounts and build assets which can be used toward education and training, first-time home ownership, a car purchase, or small business development. IDA participants must make monthly deposits and attend financial education classes.
In 2008 we launched a new partnership with the City of Oakland to also serve low-income adults in Oakland.