What is an Individual Development Account?
The Individual Development Accounts Program helps low income Hoosiers build assets, become self-sufficient, learn personal financial skills and improve their quality of life through a matched savings plan. The program assists individuals in achieving self-sufficiency through financial literacy and asset generation. Asset building is 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), see link below for income guidelines
- Able to save a minimum $41.66 per month or $500.00 annually and meet minimum screening requirements.
Participants in the Individual Development Account Program are eligible to receive up to $4,500.00 in matched funds towards one of the eligible asset goals mentioned below. Participants also receive one-on-one counseling and over 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) $6,000.00
| 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. A limited number of spots for participation are available. If you qualify, your spot can be reserved and we can show you how this program can help you set goals to save for your asset purchase.
Contact our housing professionals at the Jasper, Petersburg or Boonville offices right away to see if you qualify!
CLICK HERE to view income guidelines
CLICK HERE to view the Individual Development Account application. The application can be printed and completed and mailed or dropped off at one of our offices in Jasper, Petersburg, or Boonville, OR it can be completed online and e-mailed as an attachment to: housing@tri-cap.net.