Southern University IDA Program Agency Informational

111 Shirley Picard Drive,Lafayette LA 70501

13 October, 2022

Description

The Southern University Center for Social Research statewide Individual Development Account Program will assist in the reduction poverty by assisting low-income families with developing savings accounts for the first-time purchase of a home, save by college education, and developing a micro-enterprise business by matching earnings deposited into accounts with available TANF funds; andeducating participants about financial management and asset development and other financial literacy components including financial responsibility and savings strategies. Individual Development Accounts (IDAs) are matched savings accounts designed to assist working low-income families acquire an asset. IDAs are based on the belief that asset building is the key to gaining economic self-sufficiency. Asset ownership provides economic, financial, and personal benefits to working for low to moderate income families. Some by-products of IDAs include a sense of accomplishment, pride, and security. The Southern University IDA Program will assist a maximum of 300 low-income families throughout the State seeking to purchase a home, start a micro-enterprise business, or pursue post-secondary education. The clientele will represent persons recruited and referred from faith-based organizations, community action agencies, community development corporations, housing authorities, TANF agencies, workforce development agencies, credit counseling agencies, marriage strengthening coalitions, social service organizations, civic organizations, and financial institutions.