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. All working families earning 175% or less of current Federal Poverty Guidelines are eligible for participation. The program is administered by Indiana Housing and Community Development Authority (IHCDA). TRI-CAP is the only organization in Dubois, Pike and Warrick Counties currently offering this unique savings program. TRI-CAP currently partners with Old National Bank to facilitate the financial transactions of this program. Participants attend financial literacy training and workshops and work with their IDA Administrator to develop short and long-term savings goals. Once a participant has personally saved the $400.00 annual requirement their contribution will be matched with State and Federal Funds at a ratio of 4:1. Participants can use this combined savings to further their education or the education of their dependents, purchase or expand a small business or purchase or rehabilitate their home.
8-12 hours of extensive financial literacy training; includes,
• An introduction to bank services.
• An introduction to credit.
• How to choose and keep a checking account.
• How to keep track of your money.
• Why you should save.
• Your rights as a consumer.
• How your credit history will affect your credit future.
• How to make a credit card work for you.
• Know what you’re borrowing before you buy.
• What home ownership is all about.