What is an IDA?
Individual Development Accounts or IDAs are matched savings accounts in which eligible families can deposit some of their own money, and receive four times that amount as a match. This money can be used to purchase a home. You can participate in an IDA for up to four consecutive years.
Am I Eligible?
Yes, if you are:
- An Indiana Resident,
- Employed, have earned/taxable income
- Below 200% of the Federal Poverty Guidelines based on household size or recieve Temporary Assistance for Needy Families (TANF),
- Able to save a minimum of $25 per month, and
- Meet the minimum screening requirements.
How can I use the money?
You can use your IDA savings towards:
- Buying a home
- Paying down your mortgage principal*
- Repairing your home*
*Only applicable if you first used your IDA to purchase your home