Individual Development Accounts
Since 1997, Indiana’s Individual Development Account program has assisted low-moderate income Hoosiers attain their goals of homeownership, higher education and small-business start-up through matched-savings incentives and financial education. Operating behind the rationale that income alone, is not enough for individuals to break trends of generational poverty, the IDA program focuses on asset building as a key component towards family and self-sufficiency. Participants in the IDA program are eligible to receive up to $4,000 in state and federal match funds towards one of the eligible asset goals mentioned above. Participants also receive one-on-one counseling and 8+ hours of financial education covering topics such as budgeting, savings, credit, banking, taxes, and other money management strategies.
Video - Intro to IDA
Video - Intro to IDA (Spanish)
Qualified participants set savings goals and make regular savings deposits. Every dollar they save is matched, at a minimum for $4, but we have fast trac, and there will be $8 for every $1 saved, to help them reach their goals so they can:
- Purchase a primary residence located in Indiana
- Expand a small business located in Indiana
- Obtain Education and Job Training
- Make essential repairs to owner occupied housing
- Purchase a vehicle for employment, education, or job training purposes
How to apply for an IDA, please contact Suzett Moffitt/317-755-7664.
Assets for Independence Program
Assets for Independence (AFI) enables community-based nonprofits and government agencies to implement and demonstrate an assets-based approach for giving low-income families a hand up out of poverty. AFI projects help participants save earned income in matched savings accounts called Individual Development Accounts (IDAs). The program emphasizes enabling people to learn about and use sound budgeting and money management practices, to address financial issues, and to plan for long-term success. Especially when combined with other support services, the asset building approach helps families set goals and progress toward financial stability. Locate an AFI IDA project near you!
Last Reviewed: September 22, 2017