June 2, 2010
Residents that qualify can receive $16,000
LAFAYETTE, Ind. (WLFI) - The United Way's Individual Development Account (IDA) program is helping low income families who live in the Weed and Seed area of Lafayette quadruple their savings for the future.
The Individual Development Account program matches $3 to every $1 the family places in a savings account. The program has been available for more than a year, but IDA case manager Amy Wood said only eight people have taken advantage of it.
"If you are going for the education portion, you will save $1,250. With the 3 to 1 match you will end up with $5,000 at the end towards the education. In the homeownership program you are going to save up to $2,000 and with that match you will end up with $8,000. You can also have two savers in the home. That now takes the $8,000 to $16,000," said Wood.
The three matching dollars come from three different sources. For each dollar a program member saves the United Way will match one dollar, the City of Lafayette will match one dollar, and the third dollar will come from the Assets for Independence federal grant.
Chris Burkhardt is using IDA money for his education. He said there was a lot of paperwork to get approved for the program. Burkhardt has to save $1,250 over the course of six months toward his education.
"Sometimes you just have to live below your means for a little bit of time in order to reap the greater reward," said Burkhardt.
United Way's Executive Director James Taylor said both programs will help create a better community.
"It will help them understand the importance of budgeting and financial stability so that they can be responsible home owners," said Taylor.
Amy Wood said there are not a certain number of slots available for education or homeownership. The money will be allocated based off of need.