Community program to buy cars

Cleveland (USA), September 2: Altogether five resettled Bhutanese in Cleveland have brought home their cars by completing a course under Individual Development Account (IDA) program run by Economics and Community Development Institute.

Likewise, two more are expected to complete the program by the end of this month.

In IDA program each dollar saved by the participant is matched to 1:1 ratio from the Federal Grant to a maximum amount of US$ 2,000 and can be used for either buying the first auto car or meet the educational expenses.

A participant needs to qualify with 200% FPL (Federal Poverty Line) cut-off level and must be a working member.

The qualified participant has to take minimum financial aptitude during the completion of the program.

Each month the participant has to deposit minimum amount in the National City Bank in their IDA saving account.

Once the target is reached, the person’s saving is matched from the Federal Grant.

The program is co-partnered by Asian Services in Action Inc., a non-profit organization serving Asian population in North Eastern Ohio.

By Shanti Ram Poudel, Ohio