(Currently, SCCAP has no available slots for the IDA Program).
Invest 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%!
EligibilityCurrently, SCCAP has no available slots for the IDA program
. In the future when it has slots available, you can apply to be a participant by calling 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
- 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
- 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
All SCCAP services are provided without regard to race, age, color,
religion, sex, disability, national origin, ancestry or status as a
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