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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.
Individual savings and incentive models vary based on program population, desired behavioral changes and known theoretical field policy. A five year qualitative and quantitative evaluation, performed by faculty from the University of Arkansas, is evaluating the impact of the program at its conclusion.
For technical assistance, contact Taura Edwards, Community Programs Manager, 317-234-5825.