Funders

Individual Development Accounts (I.D.A)

IDA— Individual Development Accounts: CALL has been annually awarded a $250,000 grant from the United States Office of Refugee Resettlement to offer Individual Development Accounts for qualified refugees (individuals and households). This is our 3rd successful year. As each participant (now nearly 100) saved enough to reach the savings goal, the amount of her/his savings is matched with an equal amount from the program, up to $2,000 per individual, or $4,000 per household. These matched savings are used as down payment on a house, to renovate a home, to start a business, to pay for college, to purchase a computer or to purchase a car. Participants also receive financial education related to their chosen savings goal. Nearly 50% of the participants are saving to buy homes. If an average home in Lowell is $250,000, 40 IDA participants from CALL who would buy homes will regenerate $10,000,000 for business in the City of Lowell.

Director of CALL's IDA program, Dr. Bunroeun Thach poses with IDA graduate Sacha Tang's children and mother in front of his new home after receiving his $4000 matched grant to purchase a home. CALL's IDA program works in collaboration with the Jeanne D'Arc Credit Union in setting up savings accounts for all participants.
	Graduates Mr. Keang Chea and Ms. Vanny Lao each received a $4000 matched grant from CALL's IDA program to purchase automobiles for their employment.

To qualify, you must:

1. Be a refugee or former refugee who is not yet a citizen;
   
2. Be employed;
   
3. Earn less than 200% of the federal poverty guidelines. ($23,880 per year for a family of 2, $36,200 for a family of 4.)

To find out more about this program, contact the Cambodian American League of Lowell, Inc. at (978) 454-3707.