Individual Development Accounts (IDA)

What is an Individual Development Account (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) $6,000.00

Program YearParticipant SavingsParticipant MatchTotal 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

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.

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How to reach TRI-CAP during Indiana’s Executive Order #20-08

Our TRI-CAP staff members have been working diligently to continue serving our clients and have found alternative ways to serve our clients without being physically face-to-face through this COVID-19 pandemic and have restricted access to our facilities to anyone other than staff.  We have been in constant communications with our clients thus far and continue to provide the individual care that each person needs. 

In compliance with Indiana’s Stay at Home Executive Order #20-08, our staff will no longer be on site through the duration of the statewide Executive Order. 

Our phones will continue to be answered through 4:30 p.m. Tuesday, March 24, 2020. 

  • Dubois County office:                 812-482-2233
  • Pike County office:                      812-354-8721
  • Warrick County office:                812-897-0364
  • Vanderburgh County office:       812-428-2189

Beginning, Wednesday, March 25, 2020 our phone lines will only be able to receive messages that will be checked daily.  If you prefer to reach us via email, you may contact our Director Team for these services and they will refer your inquiry to the applicable staff member to assist you.

  • Neil Elkins, TRI-CAP Housing Services Director, (Utility, Weatherization, and Housing programs, etc.)
  • Deb Capps, TRI-CAP Health Services Director,  (Healthcare navigation, Family Planning, and Breast Cancer services.)
  • Nikki Lasher, Family and Community Partnerships Director, (Healthy Families, Retired and Senior Volunteer Program.)
  • Molly Wuchner, Head Start Director, (Head Start program)
  • Joyce Fleck, Executive Director, for any other administrative inquiries

TRI-CAP’s health, housing, and education services change lives, empower families, and improve communities.