Matched Savings Opportunities
IHCDA works with organizations 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
Since 1997, Indiana’s Individual Development Account program has assisted low-moderate income Hoosiers attain their goals of homeownership, higher education and small-business start-up through matched-savings incentives and financial education. Operating behind the rationale that income alone, is not enough for individuals to break trends of generational poverty, the IDA program focuses on asset building as a key component towards family and self-sufficiency. Participants in the IDA program are eligible to receive up to $4,500 in state and federal match funds towards one of the eligible asset goals mentioned above. Participants also receive one-on-one counseling and 6+ hours of financial education covering topics such as budgeting, savings, credit, banking, taxes, and other money management strategies.
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:
- Purchase a primary residence located in Indiana
- Expand a small business located in Indiana
- Obtain Education and Job Training
- Make essential repairs to owner occupied housing
- Purchase a vehicle for employment, education, or job training purposes
To apply for an IDA, please contact a program administrator in your area. A list of program administrators can be found here