South Central Community Action Program, Inc. (SCCAP) currently has at least 25 openings in its Individual Development Account (IDA) Program.
An IDA or Individual Development Account is a four program year, matched savings program designed to assist individuals in achieving self-sufficiency through financial literacy and asset generation.
For each dollar you save, up to $400 a year, the State of Indiana will match it with three dollars normally. However, this year they will match it 4:1. This means, if you successfully save $400, then the State will match it with $1,600, totaling a combined savings of $2,000. Wow, that’s an interest rate of 400%!
What can the funds be used for? The funds can be used for post secondary education costs for the participant or a dependent of the participant, which can include computers, tuition, book, and supplies. IDA also can be used to assist in the purchase of a primary residence; rehab on a home already owned; and starting or expanding a small business.
Some beginning requirements for the program are:
An Example of a successful IDA Client: Lynn*, a single mother, used the Family Self- Sufficiency program, the IDA program, and the Home Ownership Voucher program to purchase a brand new home. Lynn's first step to home ownership was eliminating debt and improving her credit score. She then used her savings from the IDA program for a down payment and closing costs. Lynn’s advice to others who want to purchase their own home is "work on building good credit. And always remember, there is no reason to be held back."
SCCAP IDA Program is currently under contract to fill an additional 25 slots for this year’s program that ends May 31th, 2012. For more information contact IDA Coordinator Kelly Walter 812 -339-3447 ext. 229 and/ or visit www.insccap.org for more details.
For more information contact, Kelly Walter, SCCAP IDA Coordinator, at 339-3447 ext 229.