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Individual Development Accounts

Charlene Marsh PictureInvest in Your Future with Indiana’s IDA Program

What is an IDA?

An IDA or Individual Development Account is a four-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. This means, if you successfully save $400, then the State will match it with $1,200, totaling a combined savings of $1,600. Wow, that’s an interest rate of 300%!

individual development account graphicEligibility

To apply to be a participant in the SCCAP's Individual Development Account program, please call 812-339-3447.  Once enrolled in the program, you’ll work with an IDA Administrator to develop a savings plan, enroll in Financial Literacy Training and open a savings account.'  Contact SCCAP to:

  • Apply to participate in the IDA program
  • Complete orientation and develop a savings plan
  • Enroll in Financial Literacy Training
  • Start saving

To participate, you must be:

  • An Indiana Resident
  • Employed
  • Below 175% of the Federal Poverty Guidelines based on household size or receive Temporary Assistance for Needy Families (TANF)
  • Able to save a minimum of $35 per month
  • Meet the minimum screening requirements

How can I use the money?

You can use your combined IDA savings to:

  • Buy or rehabilitate a home
  • Further your education or enroll in a job training program
  • Start or expand a small business

What are people saying?

Ashley*, a recently divorced 30-something, was told about the IDA program by a friend. Within two years of starting to save, Ashley was able to save enough money to purchase a house and complete her degree at IU Northwest. "I am very grateful for the IDA program because I now have my Associate Degree, a good job at the hospital in the city, and a home to call my own."

Lynn*, a single mother disabled since adolescence, used the Family Self-Sufficiency program, the IDA program, and the Home Ownership Voucher program to purchase a brand new home in Shelby County. 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 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."

Download the IDA Brochure
Download the IDA Handbook
Download the IDA Managing Money Worksheet