Dallas Fed Home Page
Volume 10, Issue 2, 2010   Federal Reserve Bank of Dallas

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 Off-site page
Community Development Office Send an e-mail
P.O. Box 655906, Dallas, Texas 75265-5906
Alfreda B. Norman Send an e-mail
Assistant Vice President and Community Development Officer
    Julie Gunter Send an e-mail
Senior Community Development Advisor
Jackie Hoyer Send an e-mail
Houston Branch
Senior Community Development Advisor
    Wenhua Di Send an e-mail
Community Development Economist
Elizabeth Sobel Blum  Send an e-mail
Community Development Research Associate
    Roy Lopez Send an e-mail
Community Development Specialist
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.
e-Perspectives Home | e-Perspectives Archives | Dallas Fed Home | Dallas Fed Community Development | Disclaimer/Privacy Policy