Individual Development Accounts (IDA)
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.
The IDA program assists low-moderate income Hoosiers attain their goals 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 $4,000 in state and federal match funds towards one of the eligible asset goals mentioned above. Participants also receive one-on-one counseling and 8+ 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 $4 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 job training
- Make essential repairs to owner-occupied housing
- Purchase a vehicle for employment, education, or job training purposes
Program Manual and Forms
Click here to access IDA Outcome Tracker training presentation
Click here to access IDA Outcome Tracker training video
Click here to access a listing of all Indiana IDA Program administrators
Notice IDA-016-01 - IDA Administrator Application Now Open (updated September 6, 2016)
Notice IDA-015-02 - Closing Accounts for Expired Accounts
Notice IDA-015-01 - Closing OOR Accounts for Active of Expired Participants
For assistance and/or questions regarding the IDA program please contact Brian Carman, Community Programs Manager, CSBG, IDA, NAP and Self-Sufficiency.