Refugee Individual Development Accounts (IDA) Program

 
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    CFDA#

    93.576     		 

    Funder Type

    Federal Government

    IT Classification

    B - Readily funds technology as part of an award

    Authority

    U.S. Department of Health and Human Services (HHS), Administration For Children and Families (ACF)

    Summary

    The Refugee Individual Development Accounts (IDA) Program represents an anti-poverty strategy built on asset accumulation for low-income refugee individuals and families with the goal of promoting refugee economic independence.

    IDAs are leveraged or matched savings accounts. In the Refugee IDA Program, IDAs are matched with federal funds that have been allocated as "match funds" from at least 65% of the annual federal grant award. IDAs are established in insured accounts in qualified financial institutions. The funds are intended for the Asset Goals specified in this program. Although the refugee participant maintains control of all funds that the participant deposits in the IDA, including all interest that may accrue on the funds, the participant must sign a Savings Plan Agreement that specifies the funds in the account will be used only for the participant's qualified Asset Goal(s) or for an emergency withdrawal. 

    The objectives of the Refugee IDA Program are to:

    • Establish IDAs for eligible participants;
    • Encourage regular saving habits among refugees;
    • Promote their participation in the financial institutions of this country;
    • Promote refugee acquisition of assets to build individual, family, and community resources;
    • Increase refugee knowledge of financial and monetary topics, including developing a household budget;
    • Assist refugees in advancing their education;
    • Increase home ownership among refugees; and
    • Assist refugees in gaining access to capital

     

     
     

    History of Funding

    None is available.

    Additional Information

    Applications from individuals, including sole proprietorships, and foreign entities are ineligible to apply.

    Contacts

    Daphne Weeden, Grants Management Officer

    Daphne Weeden, Grants Management Officer
    U.S. Department of Health and Human Services
    Administration for Children and Families
    70 L'Enfant Promenade SW
    6th Floor East
    Washington, DC 20447
    (202) 401-4577
     

  • Eligibility Details

    Eligible applicants include:

    • State governments;
    • County governments;
    • Local governments;
    • City or township governments;
    • Special district governments;
    • Independent school districts;
    • Public and State-controlled institutions of higher education;
    • Native American tribal governments (federally recognized);
    • Public housing authorities/Indian housing authorities;
    • Native American tribal organizations (other than federally recognized tribal governments);
    • Nonprofits having a 501(c)(3) status with the IRS, other than institutions of higher education;
    • Nonprofits that do not have a 501(c)(3) status with the IRS, other than institutions of higher education; and
    • Private institutions of higher education

    Deadline Details

    Electronic applications must be submitted via Grants.gov by 11:59 PM Eastern Standard Time (EST) on May 4, 2015.

    Paper applications must be received by 4:30 PM EST on May 4, 2015.

    Award Details

    Approximately $2,800,000 is anticipated to be available in total funding for FY15. 13 awards are expected to be made. Awards will range between $100,000 and $250,000; the average award being $215,000. Awards will last for 36 months. Cost sharing/matching is not required.

    Related Webcasts Use the links below to view the recorded playback of these webcasts


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