The IDA Program is a five-year savings plan intended to help families with limited income to develop a budget, set goals, establish savings habits and invest money in an asset. Some of the requirements of the program are that you must be a resident of Indiana, have earned income and are able to put a small amount into the program on a monthly basis.
For each dollar saved, the program will match it with four dollars. This means if you successfully save $300, then the program will match it with $1,200, totaling a combined savings of $1,500. If you complete the five-year program at the current rate of match ($250 per year for four (4) years and a fifth year to spend the total match) you would have approximately $5,000 to invest in an asset (business, education, home ownership, vehicle purchase, etc.).
Am I eligible? Yes, if you are:
An Indiana Resident
Below 200% of the Federal Poverty Guidelines based on household size
Able to save a minimum of $20 per month
Meet the minimum screening requirements