Edna Martin Christian Center will open its doors for a special evening orientation on Thursday, May 4 from 6-7pm. During this time, MFCDC’s IDA applicants will hear specific details about the IDA program and the center’s services, including one-on-one coaching involving financial literacy, employment, and income support.
What is an IDA?
An IDA, or Individual Development Account, is a four-year, matched-savings program designed to assist individuals in achieving self sufficiency through financial literacy and asset generation.
It is an account to reward its users for saving money. For each dollar you save, up to $250 a year, the State of Indiana will match it with four dollars. This means if you successfully save $250, then Indiana will match it with $1,000. This program lasts four years, so the combined savings over the duration will total up to $4,000.
Account holders then may use the money to enroll in a job training program, further their education, purchase a vehicle, buy a home, start a small business, or pay for essential home improvements.
To be eligible, you must be an Indiana resident, employed, below 200 percent of the Federal Poverty Guidelines or receive Temporary Assistance for Needy Families, able to save a minimum of $25 a month, and able to meet the minimum screening requirements.
For more information, contact Courtney Goodwyn at 317-800-6609 or firstname.lastname@example.org