Bethex FCU (Bronx, NY) 

Bethex FCU operates an innovative and hugely popular IDA program serving residents of the South Bronx, NY.  The program has received a $3,000 grant through NFCDCU’s IDA Match Grant Program.  Offering a match rate of 1:1, the credit union has enrolled 11 participants who are saving for uses as varied as starting a microenterprise to purchasing their household’s first computer.  Each participant is required to save at least $25 per month and receives up to $300 in matching funds.  The credit union also plans to offer IDAs to assist women living in transitional housing to secure and furnish an apartment in order to regain custody of their children.  An innovative partnership with 2 local dental schools has enabled the credit union to offer IDAs for restorative dental surgery, in which participants receive a “match” that is partially money and partially discounted dental work.

Central Appalachian People's FCU (Berea, KY) 

In collaboration with their nonprofit sponsor, the Mountain Association for Community Economic Development (MACED), CAPFCU has opened 31 IDAs since the program’s inception in July, 1997.  Offering a 6:1 match, the credit union has opened accounts for homeownership, small business development, secondary education, and the most popular use, home remodeling and repair.  CAPFCU’s program, known as Pathways to Prosperity, is unique in that a steering committee comprised of partner organizations and future participants designed the program and created policies.  CAPFCU has developed in-house training programs on budget and homeownership counseling.  The Kellogg Foundation along with the Corporation for Enterprise Development has awarded match funds in support of MACED/CAPFCU’s IDA program.

Faith Community United CU (Cleveland, OH) 

Faith Community United CU is a partner in the Cleveland Individual Development Account Program, a four-year demonstration project launched in 1998.  The project offers a match of 2:1 to assist individuals with household incomes of up to 200% of poverty to achieve first-time home purchase, business start-up, post-secondary education or job training.  Participants must save a minimum of $20 per month, and may receive a maximum of $1500 in matching funds.  WECO (Working for Empowerment through Community Organizing) Fund, Inc. manages the program, while Faith Community United CU manages accounts and provides one-on-one assistance to low-income savers.  Additional partners include the Cleveland Housing Network, Youth Opportunities Unlimited, Consumer Credit Counseling, and the Urban League.  Each offer programs and services which IDA participants automatically qualify for.  This network allows for a wide variety of resources for account-holders, including economic literacy classes, peer support meetings, budgeting assistance, and training for homeownership, business development or higher education.

Genesee Co-op FCU (Rochester, NY) 

Genesee Co-op FCU opened its first three IDAs in December 1998.  The credit union offers a 3:1 match to assist participants saving towards homeownership, microenterprise development, secondary education or vocational training.  A key achievement of GCFCU was the creation of an IDA Task Force comprised of community partner organizations, including Rural Opportunities, Neighborhood Housing Service and the South East Area Coalition.   These agencies will refer participants as well as provide homeownership or microenterprise training.  The credit union developed a money management mentor program, through which nearly 30 community volunteers have been recruited and trained to serve as one-on-one counselors and workshop facilitators.                                       

Near Eastside Community FCU (Indianapolis, IN)

After three years of holding accounts for an IDA program administered by Eastside Community Investments, Near Eastside Community FCU took control of the project in late 1997.  In collaboration with a new partner, the John H. Boner Community Center, NECFCU has since opened 73 accounts and raised funds to cover administrative costs and provide match funds.  East Indianapolis residents who earn up to 150% of the federal poverty income guidelines are eligible to have their savings matched 3:1 towards starting or expanding a business, purchasing a home or obtaining education or job training.  Over half of the IDA participants are saving for homeownership and have been partnered with the Indianapolis Neighborhood Housing Partnership for assistance.  Training is provided to participants by the Purdue University Cooperative Extension Program and the Neighborhood Self-Employment Initiative who offer economic literacy and business training. The State of Indiana also funds 45 of NECFCU’s accounts and recently passed legislation that exempts IDA savings from asset limitations for public assistance recipients.

Newport News Neighborhood FCU (Newport News, VA) 

Newport News Neighborhood FCU opened their first IDA account in October 1998.  The credit union currently offers education IDAs to participants of Project Discovery, a program of the Office of Human Affairs (OHA) that targets middle and high school students who will be the first in their families to attend college.  Youth participants are encouraged to save at least $20 per month.  In turn they receive a 1:1 match for their savings, up to $240 per year, as well as financial counseling and advisement on how to set and achieve educational goals.  The credit union will expand into homeownership soon, linking IDAs with a program operated by the Newport News Redevelopment and Housing Authority to assist low-income families purchase rehabilitated homes from the city.

Northeast Community FCU (San Francisco, CA)

In November 2001, Northeast opened its first IDAs in collaboration with five local non-profit organizations located in San Francisco’s Tenderloin and Chinatown neighborhoods.  Since its inception, the collaborative, termed “Community Assets for Self Empowerment” (CASE), has taken a community-based approach to offer IDAs to families and individuals with household incomes of up to 200% of the federal poverty level.  Several niche areas have been developed in partnership with local service providers and are a direct result of potential participant input through surveys and focus groups and advisory board recommendations through CASE partner organizations.  Niche areas include small business start-up, first time home purchase, education/training expenses, and 529 plan (College Saving Plan) purchase. Participants saving in each of these areas earn $2 for every $1 saved up to $6,000.  Currently the credit union has 16 opened accounts with funding for up to 26 new accounts in 2003.

Santa Cruz Community CU  (Santa Cruz, CA) 

Santa Cruz Community CU began the process of developing an IDA program in July, 1998.  In a few short months, the credit union has made substantial progress and anticipates opening its first accounts in April, 1999.  SCCCU’s IDA program will provide a 2:1 match to assist low-income families at or below 150% of the federal poverty level to save towards first-time home purchase, business capitalization, continuing education or vocational training.  In addition, partner organizations will provide budget counseling, homeownership training and preparation for college or job training to IDA participants.                                                                           

Opportunities CU (Burlington, VT)

Tangible Assets

Since January 1998 the Vermont Development Credit Union has been involved in IDAs through a partnership with the Central Vermont Community Action Council.  Of the 85 participants currently enrolled in CVCAC’s program, Tangible Assets, 63 make their deposits at Opportunities CU for homeownership, home repair, small business, and education.  During the first four months participants save $25 per month and attend workshops on budgeting, credit repair and related topics.   After the first $100 is saved, individuals receive a match of 1:1 for the first year and as high as 2:1 or 3:1 during the second and third years, up to a maximum of $500 per year.  Additionally, participants earn 5.10% interest on their accounts.  In addition to managing accounts, the credit union provides one-on-one budget counseling to participants through a money management program.  The Vermont Department of Social Welfare has awarded CVCAC a waiver of asset limitations for Tangible Assets participants, which will likely increase the number of participants.

Business Savings and Investment Program (BSIP)

Opportunities has also partnered with the Vermont Division of Vocational Rehabilitation (Voc Rehab), a division of the Vermont Department of Aging and Disabilities, to test the use of IDAs to promote self-employment for disabled persons.  The project, known as the Business Savings and Investment Program (BSIP), provides a 1:1 match to participants.  12 accounts have been opened through BSIP for small business development since August, 1998.  The Champlain Valley Office of Economic Opportunity (the third partner in this project) offers economic literacy courses through their MicroBusiness Development Program.  Opportunities staff participates in this financial and entrepreneurial training by conducting presentations on account management and financial institutions.  The credit union hopes the program will be expanded by Voc Rehab into a permanent state-wide program in the coming years.  This pilot program is unique in that it is targeted exclusively to disabled microentrepreneurs, and it is the only Vocational Rehabilitation program exploring IDAs as an alternative or supplement to direct grants.