IDA Program Administrator Application Now Available
Since 1997, Indiana’s Individual Development Account (IDA) program has assisted low to moderate income Hoosiers with the purchase of qualified assets such as: purchasing a home, obtaining higher education or job training, and starting or expanding a small business. In 2016, owner-occupied repair and motor vehicle purchase were added as qualified asset purchases to expand the impact of the program.
Participants in the IDA Program are eligible to receive up to $4,000 in state and federal match funds to use towards an eligible asset purchase. Participants also receive one-on-one counseling/coaching and over 8 hours of financial education covering topics such as budgeting, savings, credit, banking, taxes, and other money management strategies.
Each year, IHCDA awards funding to eligible non-profits, Community Action Agencies and Community Development Corporations across the State of Indiana to administer the IDA Program and these accounts. Currently, IDA014FT is available using PY2016 program guidelines. This is a fast track application for participants who can complete the IDA program with 18 months
Click here to access the application.
The application for funding will close at 5PM EST on Monday, January 8, 2018.
If you have any further questions, please contact:
Brian Carman at bcarman@ihcda.in.gov or Steve St. John at sstjohn@ihcda.IN.gov.
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