Individual Development Account (IDA) Program Success Stories

L.M.'s New Condo

L. M. is a 29 year old single Mother of two daughters who works for an anti-poverty agency in Salt Lake. She was on section 8 housing and cost Salt Lake County Housing $240/month. She was on FSS and saved in an IDA account, did 200 hours of sweat equity for Habitat for Humanity home in Salt Lake County and qualified for a Home Start Loan.

L.’s IDA was case managed by the Salt Lake County Housing; her financial management classes were taught by USU and her home ownership classes were taught by USU. Her new condo is a 3 bedroom 2 ½ bath unit in a gated community with a rec center with pool and playground equipment for her two daughters. Her parents were so happy and comforted to know that L and her two daughters would have their own home.

J.N. Goes Back To School

JN is a 35 year old single Mother with an 11 year old child who came to the United States from Columbia. As a legal resident, JN worked full time for an antipoverty agency and part time for airline reservations but still fell well below 200% of the federal poverty level. Her financial case management was provided by Salt Lake Community Action.

She completed basic financial management classes and asset specific training in all of UIDAN’s three approved asset areas before deciding to return to college. She had some college in Columbia but was very apprehensive about returning to college after a 10 year break. UIDAN referred her to the Salt Lake Community College TRiO program for first generation college students. They have helped her apply for scholarships and acclimate to college.

Her second semester of college was paid for out of her IDA. She had just earned a 3.85 GPA in her first semester.