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United Way of Essex and West Hudson (UWEWH) Commits to a $2 Million Dollar Investment in Financial Stability through Individual Development Accounts (IDA)

NEWARK, N.J., February 22, 2010 - UWEWH is pleased to announce the launch of the United Lives IDA program. In 2009, UWEWH was awarded the largest Assets for Independence IDA grant from the U.S. Department of Health and Human Services in the Northeastern United States. This matching grant is paving the way to a $2 million dollar investment over 5 years in financial stability initiatives that promote financial literacy and asset building.

IDAs are subsidized savings accounts that encourage low-income individuals to save by matching their deposits at various rates. Once the savings goal has been reached, funds are then invested in one of three assets; post-secondary education, homeownership, or a microenterprise. The United Lives program will match $1k of participant savings at a 4:1 rate.

Beyond the matching dollars, UWEWH and its partners—including CO-Fund, Episcopal Community Development, Newark Asset Building Coalition, PNC Bank and YouthBuild Newark—are providing individualized case management, financial literacy and asset-specific training in the form of assistance, free tax preparation, first-time homebuyer classes and micro-scholarships, to name a few.

According to Keith Green, President and CEO:

“The United Lives IDA program is the cornerstone of our income-based community impact work. The United Lives network of partners represents the kind of collaborative-based work that we intend to embark upon in each of our focus areas of education, income and health. We are pleased to launch this significant investment in conjunction with Newark Saves week which is part of a larger statewide and nationwide America Saves Week—co-sponsored by United Way Worldwide— that includes local, regional, and national organizations.”

UWEWH is a member of the Newark Asset Building Coalition which hosts Newark Saves Week with the assistance of the City of Newark and other key partners.

For more information about the United Lives IDA Program: http://www.uwewh.org/income.html

About United Way of Essex and West Hudson
Founded in 1923, the United Way of Essex and West Hudson is a non-profit organization that seeks to address the root causes of community concerns by aligning resources to best meet the needs of the over 700,000 individuals, children and families throughout its 13 municipality service area. We bring communities together by building partnerships and forging consensus on strategies that can make a measurable difference.

Media Contact: Brooke Barrett, 973-854-2230, or bbarrett@uwewh.org

Source: United Way of Essex and West Hudson

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Tags: Episcopal Community Development, IDA, Income, Individual Development Accounts, Newark Asset Building Coalition, PNC Bank, Savings, United Way of Essex and West Hudson, US Department of Health and Human Services, UWEWH, Youth Build Newark