Randy Dennison, Executive Director of LHDC, states; “This program provides families with a wonderful opportunity to purchase a home and have funds for a down payment, to provide rehabilitation to the home if a homeowner, to purchase a vehicle if needed for school/employment, to start up or purchase a business, and attend post secondary education.”
Lincoln Hills Development Corporation (LHDC) continues to have funds available for the Individual Development Account (IDA) Program. Under this program, income eligible individuals and families can earn while they learn, save for a home down payment, complete home rehabilitation if a homeowner, purchase a vehicle, start or expand a business, and attend post secondary education while watching their savings matched up to $1000 annually.
The IDA Program is administered by LHDC and designed to help eligible individuals save money. Through the program, qualified applicants are encouraged to save money, with every dollar (up to $250.00) they save it is matched by $4 from the State for up to four years.
“While participants can save more than $250 on their own, the state match will only be in effect for the initial $250,” said Tammy Thompson, LHDC Community Services Director. That translates to a match of $1000 per year, or a total of $1250 saved for each of the four years of the program (a grand total of $5000 over a 4 year period).
The match is determined by how much money has been saved in the account by September 30th of every year, up to a maximum of four years. 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, home owner rehabilitation (if a homeowner), to purchase a vehicle if needed for school/employment, start up or purchase a business, or to attend college courses or technical training. The money must be used within five (5) years of starting the program.
To qualify, an applicant’s income must be less than 200 percent of the federal income poverty level, must have earned income, and must be an Indiana resident. Only one family member can open an account per household.
LHDC has a limited number of openings for this program that will be filled on a first come, first serve basis. Please call (812) 547-3435 or 1-800-467-1435 for Tammy Thompson (ext. 231) or Julie Hardesty (ext. 229) to request an application packet.
Lincoln Hills Development Corporation (LHDC), a locally governed Community Action Agency, engages in making life better by providing opportunities to empower people to improve the quality of life and address the causes and effects of poverty in Southern Indiana.
LHDC provides services to clients regardless of race, sex, color, religion, age, ancestry, national origin, veteran status, sexual orientation or disability. The agency is an Equal Opportunity Employer.