Success Stories_Individual Development Account Program (IDA)
MATCHING SAVINGS: A LONG JOURNEY BEGINS WITH A SINGLE STEP

The Individual Development Account Program (IDA) teaches the basics of savings and personal finance to low-income Asian immigrants throughout New York City. The program offers matching grants on savings for three purposes: 1) Purchasing a home; 2) Starting a business; and 3) Paying for college or other post-secondary education.

Through the IDA Program, each participant develops a savings plan with our Counselor depending on his personal financial situation. Participants deposit money each month into a special savings account to reach towards a savings goal. Over a period of time, participants can watch their savings grow and develop sound financial planning skills. Once a participant reaches his goal, he can use these savings and the matching grant to purchase an asset that will enhance his future. Our counselors work with the participants to obtain any additional financial assistance as necessary and help them complete asset purchases.

Special features of IDA

ˇE Clients receive a $1 match for every dollar they save, up to $4,000 in some situations
ˇE Weˇ¦ve helped more than 250 people save and increase their buying power 14 times to invest in assets valued at more than $5.3 million collectively
ˇE All participants receive 12 free hours of classes on financial management
ˇE We help new immigrants become more active participants in the American financial system

For more information, please contact
Ms. Karina Wong at (212) 966-7328
orkarinawong@cmpny.org

Ms. Xiao Qing Yuan received political asylum status in 2002 after she had been in the U.S. for 6 years. In December 2002, Ms. Yuan learned about the IDA program while attending refugee employment training classes (TAG Program) at Chinatown Manpower Project. She decided to apply to the IDA Program to save money to pay for her daughterˇ¦s tuition in college or to open a restaurant.

We enrolled Ms. Yuan in our IDA program in July 2003, with a targeted savings goal of $2000. She decided to save $300 each month, and she reached her goal in February 2004. Ms. Yuan was torn between opening her own restaurant or sending her daughter to college. Our IDA Case Managers assisted her with planning for these two goals. In the end, Ms. Yuan decided to use the IDA savings and match for her daughterˇ¦s tuition and to use other personal savings for her business. Four months later, Ms. Yuan opened a restaurant with her partner in Brooklyn.

Ms. Yuan used a total of $6,000 of her IDA Savings Account ($2,000) and CMPˇ¦s Matching Grant ($4,000) to pay for her daughterˇ¦s college tuition to Long Island University beginning in July 2004. Ms. Yuan is very appreciative of our IDA program. It has allowed her not only to pursue her own dreams, but her daughterˇ¦s as well.

"Thank youˇKwithout your help I really donˇ¦t know when my daughter could start her college studies. For a low-income family like us, going to college is like a dream. The IDA program can help my daughter to move out of poverty earlier than us."
 
Contact Us | Directions | Site Map | FAQ





© Chinatown Manpower Project, Inc. All rights reserved.
All material herein is the property of Chinatown Manpower Project, Inc. and shall not be reproduced without the written permission of Chinatown Manpower Project, Inc.