Pace Community Action Agency, Inc.
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Individual Development Accounts (IDA)

 

Individual Devlopment Accounts (IDA)

What is an Individual Development Account?

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. Participants must save at least $250 of earned income per year

How Does This Individual Development Account 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 $4 to every saved $1 for four years. Minimum individual savings will be $1,000 in four years and the State match adds $4,000 into the account for a total of at least $5,000 to be used for qualified asset purchases.

Who Qualifies?

Criteria for this income-based program are as follows:

  1. The entire household size and combined earned income must be under 200% of the OMB poverty guidelines. 
  2. Individuals must save $250 a year.
  3. A full credit report with score must be provided .
  4. 8 hours of financial literacy classes must be completed during the first year of being accepted.

How Do I apply?

Call 812.882.7927 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.