INDIVIDUAL DEVELOPMENT ACCOUNT (IDA)

The story of the IDA program in Detroit begins with Michigan Neighborhood Partnership.  MNP is the oldest IDA program in Metropolitan Detroit having begun our program in 1999. IDA’a are one of the most unique programs in existence to help low income individuals build assets and participate in the American dream of homeownership, owning a small business or continuing with a post secondary education.  Since developing the program in 1999 over 200 Detroiters have built their asset moving from dependence to wealth building.  Program participants have started day-care centers, recording studios, produced movies with Hollywood actors, started dance studios, created commercial photographic studios, began landscaping industries, graphic arts studios and retail clothing outlets.

On the homeownership front, MNP has helped many clients purchase new homes using their IDA accounts as down payments.   In the area of post-secondary education, we have seen our clients engage vocational educations, junior college, and graduate with bachelors and Master’s Degrees.

This year we are extremely excited to introduce to new concepts that will literally expand our collaborations and impact the lives of hundreds of low-income families.  These IDA program concepts are: Circles of Hope and a virtual IDA Business Incubator.