Achieving Self Sufficiency Through Education, Training and Savings

Objective

The objectives of the A.S.S.E.T.S program are to increase the ability of low-income refugees to save; promote their participation in the financial institutions of this country; assist refugees in advancing their education; increase home ownership; and assist refugees in gaining access to capital.

Program Description

Individual development accounts are matched savings accounts available for the purchase of specific assets. Under the IDA program, the matching funds, together with the refugee's own savings from their employment, are available for purchasing one (or more) of four savings goals: home purchase; microenterprise capitalization; post secondary education or training; and in some cases, purchase of an automobile if necessary to maintain or upgrade employment.

IDA grantees provide matched savings accounts to refugees whose annual income is less than 200 percent of the poverty level and whose assets, exclusive of a personal residence and one vehicle, are less than $10,000. Grantees provide matches of up to $1 for every $1 deposited by a refugee in a savings account. The total match amount provided may not exceed $2,000 for individuals or $4,000 for households. Upon enrolling in an IDA program, a refugee signs a savings plan agreement which specifies the savings goal, the match rate, and the amount the refugee will save each month.

In addition, the IDA grantees provide basic financial training which is intended to assist refugees in understanding the American financial system, budgeting, saving, and credit. The IDA grantees also provide training focused on the specific savings goals. The specialized training ensures that refugees receive appropriate information on purchasing and managing their asset purchases.

Idaho Specific Information:

Since 2008, the Assets Program has enrolled 55 people and currently has 50 Active accounts.
Since 2008, participants’ purchase of assets through the Asset Program has pumped $108,513.76 into the local economy.

For more information:
Anita Brunner
A.S.S.E.T.S
Idaho Office for Refugees
abrunner@idahorefugees.org
208.336.4222