YouthBuild National IDA Program Helps Graduate Leaders Achieve Their Goals
YouthBuild graduates include highly motivated young leaders who have overcome extraordinary obstacles.  However, these graduates still face daunting barriers after completing the program. One barrier: they are still poor. To help graduates build assets to achieve their goals, YouthBuild USA has won a $700,000 grant from the U.S. Department of Health and Human Services (HHS) for the YouthBuild National Individual Development Account (IDA) Program. This program fosters the economic independence and leadership of low-income YouthBuild graduates by matching their savings.
With this grant from the U.S.Department of Health and Human Services, YouthBuild USA and its affiliates will assist 350 YouthBuild graduate leaders in realizing their goals.
If a participant saves $800, YouthBuild can match that 5:1, resulting in a total of $4,800 to be used for attending college, buying a home, or starting a business. The YouthBuild National IDA Program also offers financial literacy education and mentors.
The program is administered through a partnership between YouthBuild USA and local YouthBuild programs. YouthBuild USA raises three-quarters of the match, offers technical assistance, and provides overall program management. Local affiliates select the IDA participants and raise $1,000 for each of them.
With this grant from HHS, YouthBuild USA and its affiliates will assist 350 YouthBuild graduate leaders in realizing their goals. Because many YouthBuild graduates also earn a $2,300 AmeriCorps service scholarship for building affordable housing, college-bound students receive additional financial support.
This award is YouthBuild USA’s second IDA grant from HHS. The first HHS grant, $110,000, launched the program in 2002. Generous private support that contributes to program management and matching funds has come from The Ford Foundation, State Farm Bank, and Citizens Bank. In November 2005, the Morgan Family Foundation made a $45,000 grant to YouthBuild USA to provide private matching funds to assist 20 graduates of YouthBuild programs in Ohio and Minnesota and to support the operations of the YouthBuild IDA program.
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