Individual Devlopment Accounts (IDA)
Individual Development Accounts (IDAs) are matched savings accounts that enable participants to save for a specified goal within a defined time frame. Money saved in an IDA account is matched with state dollars and savings can only be used for specific asset-building purchases or investment; for example, to buy or rehabilitate a home, pay for education or job training, to start/expand a small business, or purchase a vehicle.
How Does This Help?
This program is designed to assist individuals in achieving self-sufficiency through financial literacy and asset generation. If criteria are met and individuals are accepted into the program, the state will match funds $3 to every saved $1. Maximum individual savings will be $1,500 in three years and the State match adds $4,500 into the account for a total of at least $6,000 to be used for qualified asset purchases.
Who Qualifies?
Criteria for this income-based program are as follows:
The entire household size and combined earned income must be under 200% of the OMB poverty guidelines.
A credit score must be provided.
Financial literacy classes must be completed.
How Do I Apply?
Call 812.882.7927 ext 1208 to schedule an appointment to learn more about this program and to complete an application. Information to start the financial literacy classes will also be provided.