If you have never heard of Individual Development Accounts it can be hard to grasp exactly what they are. But they are an innovative approach to breaking the cycle of poverty, and they are essential to the work of the New Century IDA program.
Individual Development Accounts are part of a nationwide movement that was fueled by research done by Dr. Michael Sherraden. His extensive research concluded that with guidance and support, people living in poverty will save money. Dr. Sherraden has said, “You can’t spend your way out of poverty, but you can save your way out.” This is a model of empowering those with moderate to low income through asset building. Across the country, Individual Development Accounts are used to help people put money into matched savings accounts for higher education, small business start up, and first time home buying.
New Century IDA helps each participant in the program open Individual Development Accounts and save money that will be used to become a first time homeowner. Here comes the good part. After successful completion of the program, which includes attending classes and meeting with a success coach, each participants’ savings are matched either 2:1 or 4:1. What a great incentive to partner with New Century IDA and begin working towards your dream of becoming a homeowner!
The New Century IDA program promotes economic self-reliance and has been referred to as “hope in concrete form.” It is not just a quick fix. It truly helps the people of Forsyth County
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