The proud owner of a new home shows off her purchase, made using the ‘doubling” power of an Individual Development Account (IDA).
October 16, 2008: BPSOS-Bayou La Batre is excited to announce the success of yet another participant in the Individual Development Account (IDA) program! Using her IDA savings, one of our clients has purchased a new house, leaving behind the unsafe and unhealthy living conditions that her family had endured since Hurricane Katrina in 2005.
If you are part of a low-income Vietnamese family in Bayou La Batre, or in other places around America, you now have this same amazing opportunity to prosper despite today’s economic storms. BPSOS stands ready to help you open an IDA. Every dollar you deposit in this savings account is matched, doubling your investment.
At the conclusion of the IDA program, you can withdraw your money and use it for several specific, economically sound purposes. For example, like some IDA users, you may use the money to purchase a home, car, education, or computer. In other cases, you may use it to make home repairs, or to start a new business.
In the case of our client, last week marked the closing on her home, and her family is in the process of moving in. Today, the important thing is for other families to follow her example. Everyone can use the tools offered by BPSOS to strengthen their household finances and move forward to economic success!
Boat People SOS has received funding from the Office of Community Services (which is under the Administration for Children and Families) and the Department of Health & Human Services to serve 200 hurricane victims in the Gulf Coast area rebuild their lives.
We have also formed a partnership with Southwestern National Bank in Houston to access reasonable financing for IDA participants. The program helps hurricane survivors restore financial stability to their lives through savings and asset-building by purchasing a house or opening a small business.
For more information on how you and your loved ones can benefit from the IDA program, please contact Bayou La Batre branch manager Minh Le at 251.824.7004.
Because the IDA program is offered in other BPSOS branches across the country, you may also contact Loan Hanlon at 703.538.2190 with questions about how to access these services in places outside Bayou La Batre.