Overview

The Southern University Center for Social Research statewide Individual Development Account Program will assist in the reduction of poverty by: 

• assisting low-income families with developing savings accounts for the first-time purchase of a home, saving for college education, and developing a micro-enterprise business by matching earnings deposited into accounts with available TANF funds; and  
• educating participants about financial management and asset development and other financial literacy components, including financial responsibility and savings strategies.
  
  

HOW THE PROGRAM WORKS 

The Southern University IDA (SU-IDA) has three major components. 

• Administration: 
• Our administration facilitates recruiting activities and case management of participants. 

• Participant Match: 
• We provide a 4 to 1 ratio match for each family for qualified purposes (homeownership, small business start-up, and educational expenses), which is $4,000 in total contributions made to the individual or family. 
• Financial Literacy: 
• Clients will participate in financial literacy university seminars: expense tracking, budgeting, credit management and repair, and asset-specific education such as homeownership or Micro enterprising. Partnering with other housing and community development agencies across the state of Louisiana, individuals will receive such training. Once an applicant has been approved for participation, the process begins. Each participant will open a savings account at one of our participating banks. As participant saves, they are required to attend the Financial Literacy University courses.  

PROGRAM REQUIREMENTS

• Complete Financial Literacy courses or business classes. 
• Accumulation of monthly savings and meet savings goal.
• Participants' first-time purchase of a home, initiate a micro-enterprise, or enroll in a post-secondary education institution.