What is an IDA?
Indiana’s Individual Development Account (IDA) Program was established in 1997 to help low income Hoosiers build assets, become self-sufficient, learn personal financial skills and improve their quality of life. The IDA Program assists individuals in achieving self-sufficiency through financial literacy and asset generation. The IDA program focuses on asset building as a key component of the program. You are eligible if you are: an Indiana resident, employed, below 200% of the Federal Poverty Guidelines based on household size or receive Temporary Assistance for Needy Families (TANF), able to save a minimum $41.66 per month or $500.00 annually and meet the minimum screening requirements. Participants in the IDA program are eligible to receive up to $4,500 in matched funds towards one of the eligible asset goals mentioned below. 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.
Qualified participants set savings goals and make regular savings deposits. Every dollar you save is matched at a rate of $3.00 for every $1.00 saved, to help participants reach their goals so they can:
- Obtain education job training
- Make essential repairs to owner-occupied housing
- Purchase Primary Residence located in Indiana
- Open or expand a small business
- Purchase a vehicle for employment education, or job training purposes
Maximum Program Balance (3 years) $6000.00
|Program Year||Participant Savings||Participant Match||Total Savings|
Year 1 $500.00 $1,500.00 $2,000.00
Year 2 $500.00 $1,500.00 $2,000.00
Year 3 $500.00 $1,500.00 $2,000.00
TOTAL $1,500.00 $4,500.00 $6,000.00
TRI-CAP is actively taking applications for this program. Call or stop by one of our 3 offices for an application before all spots are filled.