Individual Development Account Program

The IDA Program at RISE offers refugees and immigrants who have lived in the U.S. for less than five years an opportunity to build financial stability and independence. Through this program, participants open a savings account at our partner institution, Syracuse Cooperative Federal Credit Union. Monthly deposits made into this account are matched dollar-for-dollar. RISE provides financial literacy education and helps clients make qualifying asset purchases that support their long-term goals.

Program Mission

• To advance RISE’s mission of promoting self-sufficiency by educating participants about financial literacy, providing personalized support, and helping them build assets, all while respecting cultural backgrounds and empowering clients to feel secure in their financial futures.

Program Benefits

• Develop confidence, independence, and future stability through smart asset-building decisions.
• Receive individualized support and counseling on how to purchase and manage major assets.
• Gain a deeper understanding of the U.S. financial system through training and guidance.
• Double your savings—every dollar deposited is matched with another dollar!

Eligibility Requirements

• Must have been in the U.S. for five years or less (three years for a vehicle purchase).
• Must be currently employed and provide proof of income.
• Household income must not exceed 200% of the federal poverty level (e.g., $49,200 for a family of four).
• Must not be receiving IDA support from any other program or organization.

Approved Asset Purchase Options

• Buying a home
• Purchasing a vehicle (only if it is essential for work or education)
• Starting a business
• Pursuing higher education or vocational training

Program Partners

• Syracuse Cooperative Federal Credit Union – www.cooperativefederal.org
  • Savings accounts
  • Credit advising
  • Financial education resources
• Empower Federal Credit Union – www.empowerfcu.com
  • Savings accounts
• OCC Small Business Development Center – www.onondagasbdc.org
  • Business plan development and consulting services

The IDA Program is currently accepting new participants! If you are interested or have any questions, please contact Isabelle Wiles, IDA Program Coordinator