Refugee Individual Development Accounts Program

forecasted

The Office of Refugee Resettlement (ORR) within the Administration for Children and Families (ACF) anticipates funding for the Refugee Individual Development Accounts (RIDA) Program, which establishes and manages Individual Development Accounts (IDA) for low-income refugee participants.Eligible refugee participants who enroll in these projects will open and contribute systematically to IDAs for specified asset goals, including homeownership, business capitalization, vehicles for educational or work purposes, professional certification, and education (limited to postsecondary and/or continuing education, college entrance exam fees, (Test of English as a Foreign Language (TOEFL) and General Education Diploma(GED) preparation and test fees). Recipient organizations may use ORR funds to provide matches for the savings in the IDAs of up to $3,000 per individual refugee and $6,000 per refugee household.The “match” mentioned in this announcement does not refer to the award recipient finding additional funds to match funds being provided by the federal government; it is the portion of federal funds to be allocated for matching clients' IDA savings.Recipients will be expected to coordinate their policies and procedures for developing and administering refugee IDA projects with ORR and with the existing refugee IDA network.