Clarifi has partnered with the United Way of Greater Philadelphia and Southern New Jersey to offer Individual Development Accounts (IDAs) for low-to-moderate income families. The goal of the project is to help participants establish a pattern of regular saving by matching the investments of participants.
Savers agree to complete financial education classes, make a minimum monthly savings deposits of $10 and use their savings for an asset-building purpose, education or home purchase. IDAs make it possible for individuals to build the financial assets they need to achieve the American dream.
Education Savings Goal: $1,000 Minimum
- 3:1 Match: Participant receives $3 match for every $1 saved
- $1,000 (saved) + $3,000 (matched) = $4,000 total
Home Ownership Savings Goal: $2,000 Minimum
- 2:1 Match: Participant receives $2 for every $1 saved
- $2,000 (saved) + $4,000 (matched) = $6,000 total
- Residency: Philadelphia, Montgomery, Delaware or Chester County resident.
- Education/Homeownership status:
- For Education: High school seniors and juniors or adults planning to attend, or currently enrolled in, college or vocational school
- For Homeownership: Individuals who have not owned a home in the three years prior to program enrollment
- Income: Total household income must be at or below 200% of the federal poverty guideline, or qualifying for the Earned Income Tax Credit (EITC)
- Earned Income: Applicant must show proof of earned income in the household (for example, pay stubs, tax returns).
- Net Worth: An applicant’s household’s net worth must be less than $10,000 (one motor vehicle and the value of the primary dwelling unit are excluded in calculating this figure).
- Credit Rating: IDA participants interested in home purchase should have a minimum credit score of 650.
If you qualify, call us immediately to reserve a place at our next program orientation. Space is limited.