Matched Savings Opportunities
IHCDA works with community action agencies around the state to help Hoosiers better themselves through a structured matched savings program. Individual Development Accounts (IDAs) are available on a limited basis to qualified Hoosiers who are interested in improving their financial literacy and participating in a dedicated savings program where their deposited funds are matched. Once matched, and upon completion of a detailed work plan and financial counseling, program participants may put their savings towards a qualified asset purchase. These purchases may include a higher education, a home, rehabilitation of a home, or a small business.
Individual Development Accounts
Indiana has the opportunity to receive Federal money from the US Department of Health and Human Services (HHS) for its Individual Development Account (IDA) program through a competitive application process through the Assets for Independence Act. IHCDA is required to match all Federal monies with State monies on a dollar for dollar basis.
Qualified participants set savings goals and make regular savings deposits. Every dollar they save is matched, at a minimum for $3 for every $1 saved, to help them reach their goals so they can:
- Launch a new business;
- Get the higher education and professional training needed to qualify for a better job;
- Purchase a new home and create thriving, stable neighborhoods; or
- Make needed repairs to a home.
Download IHCDA's IDA Brochure for additional information
To apply for an IDA, please contact a program administrator in your area. A list of program administrators can be found here
Refugee Individual Development Accounts (RIDA)
The Refugee IDA Program, which operates under the federal fiscal, is funded through the Office of Refugee Resettlement (ORR) and is designed to assist refugees in purchasing assets as a means of increasing their financial independence and accelerating the acculturation process via connection to the U.S. financial mainstream.
Similar to Indiana's traditional IDA Program, matching funds, together with the refugees own savings from their employment, help newly resettled refugees in purchasing, within an allotted timeframe, one (or more) of the following assets:
- Homeownership
- Microenterprise capitalization
- Post-secondary education, vocational training or recertification
- Automobile purchase (limited)
Download IHCDA's Refugee IDA Brochure for additional information
To apply for a Refugee IDA, please contact a program administrator in your area. A list of program administrators can be found here
Educational Development Accounts
In the Fall of 2009, IHCDA was awarded $1.08 million by the Lumina Foundation, Central Indiana Community Foundation (CICF) and IHCDA’s Affordable Housing and Community Development Fund for purposes of piloting an Educational Development Account (EDA) program.
Funds procured for this pilot program were used to improve the odds for parents of 21st Century Scholars committed to bettering their lives. Matching incentives and contributions, up to $5,000, are set aside to help enrolled participants bridge the financial gap and effectively save for higher education. Applications are no longer being accepted for this pilot program.
