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Measuring IDA Program's Impact
Since 2007, the state of New Mexico has invested $2.45 million to support Individual Development Accounts (IDAs) for New Mexico savers. This funding provides a much-needed local match required by federal IDA funding, which was awarded through the Assets for Independence Act.
Ona Porter, president and CEO of Prosperity Works, the statewide asset-building consortium formerly known as Community Action of New Mexico, provided an analysis of the IDA program's impact. Of the 894 active accounts through June 30, 2010, about 400 have completed the program to date. The Prosperity Works analysis shows IDAs have increased deposits in financial institutions by $22 million; funded education credits of $595,000, enabling 119 savers to earn degrees; and made $567,000 in down payments on 107 homes for first-time homebuyers. New Mexico IDA savers also used $995,000 to start or expand 191 small businesses, creating 334 new jobs. The Return on Investment report can be viewed at www.prosperityworks.net.
e-Perspectives, Volume 10, Issue 2, 2010
Federal Reserve Bank of Dallas  Community Development Office  P.O. Box 655906, Dallas, Texas 75265-5906 214-922-5377 |
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| Alfreda B. Norman Assistant Vice President and Community Development Officer |
Julie Gunter Senior Community Development Advisor |
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| Jackie
Hoyer Houston Branch Senior Community Development Advisor |
Wenhua Di Community Development Economist |
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| Elizabeth Sobel Blum Community Development Research Associate |
Roy Lopez Community Development Specialist |
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| The views expressed are the authors' and should not be attributed to the Federal Reserve Bank of Dallas or the Federal Reserve System. Articles may be reprinted on the condition that the source is credited and a copy is provided to the Community Development Office. | ||