|
The Individual Development Account is a three-year, matched savings account program to assist individuals in achieving self-sufficiency through financial literacy. For each dollar you save, up to $500 per year, the state of Indiana will match it three-to-one.
The maximum yearly match is $1,500 per year or $4,500 over three years. There's also the fast-track option which allows for a match of $800 the first year and $700 the second year. Once matched, and upon completion of a detailed work plan and financial counseling, program participants may put their savings towards a qualified asset purchase. Supported through the Indiana Housing & Community Development Authority, funds available on a limited basis to qualified Hoosiers who are interested in improving their financial literacy and participating in a dedicated savings program where their deposited funds are matched.
|
|
|
In order to be eligible to participant in the IDA program, you must meet the following criteria:
|
Once approved, you will open a savings account with our partner bank.
As you make deposits, matching funds are added at a rate of three dollars for every dollar you save.
The combined funds can then be used for an approved asset purchase, including:
The IDA program is available in all counties served for southern Indiana: Crawford, Dubois, Gibson, Harrison, Lawrence, Knox, Orange, Pike, Perry, Spencer, Vanderburgh, and Warrick counties.
As you make deposits, matching funds are added at a rate of three dollars for every dollar you save.
The combined funds can then be used for an approved asset purchase, including:
- Home purchase (site-built home located in Indiana)
- Post-secondary training
- Job training programs
- Owner-occupied rehabilitation (must be participant's primary residence)
- Motor vehicle purchase (necessary for employment or post-secondary education)
- Start or expand a small business (must develop a detailed business plan)
The IDA program is available in all counties served for southern Indiana: Crawford, Dubois, Gibson, Harrison, Lawrence, Knox, Orange, Pike, Perry, Spencer, Vanderburgh, and Warrick counties.
To apply for this program, please fill out the application below, then email it to Rachel or mail it to:
Lincoln Hills Development Corporation
ATTN: IDA
P.O. Box 336
Tell City, IN 47586
Lincoln Hills Development Corporation
ATTN: IDA
P.O. Box 336
Tell City, IN 47586
If you are interested in LHDC Individual Development Account services in any county listed above, please contact:
|
Amanda
Services for Families and Individuals Program Manager |
Rachel
Crawford County Resource Coordinator |
