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Indiana Housing & Community Development Authority

Indiana Housing & Community Development Authority

IHCDA > Matched Savings Opportunities 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, 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

To apply for an IDA, please contact a program administrator in your area.  A list of program administrators can be found here