An Individual Development Account (IDA) is a four-year, matched-savings program designed to assist individuals in achieving self-sufficiency through financial literacy and asset generation. 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.
For each dollar you save, up to $250 a year, the State of Indiana will match it with three dollars. This means if you successfully save $250, then the State will match it with $750, garnering you a total annual savings of $1,000 (up to $4,000 over the four-year period). You can use this money to further your education, enroll in a job training program, purchase a vehicle, buy a home, start a small business, or pay for essential home improvements. 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.
Visit the Indiana Housing and Community Development Authority website to learn more, or click here to download the application.