LHDC Has Development Account Openings
Lincoln Hills Development Corporation (LHDC) has been approved by the Indiana Housing and Community Development Authority (IHCDA) to provide Individual Development Accounts (IDA’s) for 35 account-holders throughout Crawford, Perry and Spencer Counties . LHDC still has openings to establish these special tax-free savings accounts for eligible applicants with low to moderate incomes.
Through the IDA program, qualified applicants learn financial skills while saving money for the specific purposes that IDA’s are intended:
• To purchase a primary residence for the IDA participant or dependent or to pay down the principle on a residence purchased, using IDA funds.
• To rehabilitate the primary residence of an IDA participant.
• To start up or expand a small business.
• To pay for costs associated with attending an accredited institution of higher education, vocational school or licensing training program for an IDA participant or dependent.
Participants may participate for up to four years in the IDA program and account-holders will receive a 4 to 1 match on their amount saved (up to $400) each year. As an example, if an account-holder saves the full $400 by the specified date each year, their account will be matched with $1,600 for a total of $2,000 for the year. Full participation for all four years could result in $8,000 in combined savings for eligible account-holders, to be used only for the specific described program purposes. Active account-holders must participate in Financial Literacy Training and Asset Based Training prior to withdrawals being made from the account. Further information about this training will be given to the account-holder during the application process.
Individuals interested in applying for the Individual Development Account program should contact LHDC Community Services Director, Tammy Thompson, at (812)547-3435, ext. 231, or 1800-467-1435.