Individual Development Account Openings

Lincoln Hills Development Corporation (LHDC) is continuing to accept applications for the Individual Development Account (IDA) Program. The IDA Program is designed to help individuals save money while learning financial skills and is sponsored by the Indiana Housing and Community Development Authority (IHDCA).

Through the program, qualified applicants are encouraged to save money, and every dollar up to $300 they save is matched with $4 from the state. This translates to a maximum state match of $1,200 per year or a total of $1,500 saved. Eligible families can participate up to four (4) years on the program.

The savings account is tax-free, but there are restrictions on how the money can be spent. It can be used as a down payment on a home for the applicant or a dependent, to begin or purchase a business, or to obtain college courses or technical training that can lead to a job for the applicant or a dependent.

To qualify, applicants must earn less than 175% of federal income poverty levels, and only one family member can open an account. Lincoln Hills Development Corporation (LHDC) is eligible to accept applications throughout Indiana , though its primary service area is in Crawford, Perry, and Spencer Counties .

Individuals interested should contact Tammy Thompson (ext. 231) or Julie Hardesty (ext. 229) at (812) 547-3435 or (800) 467-1435.