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%!
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:
To participate, you must be:
You can use your combined IDA savings to:
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