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.
A complete participant handbook can be found in IHCDA's Resource Center.
Refugee Individual Development Account (RIDA) Program
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 alloted timeframe, one (or more) of the following assets:
- Homeownership
- Microenterprise capitalization
- Post-secondary educatin, vocational training or recertification
- Automobile purchase (limited)
Download IHCDA's Refugee IDA Brochure for additional information.
