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Do you…

...want to go back to school to further your education in order to get a better job?

...want to start your own business?

...wish you could purchase your own home?

...struggle to save enough money to attain your goals?

You might be interested in the Individual Development Account (IDA) program.

idaposter

The IDA program is a four-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, up to $300 a year, the program will match it with three dollars. This means, if you successfully save $300, then the program will match it with $900, totaling a combined savings of $1,200.

If you complete the four-year program at the current rate of match, you would have approximately $4,800.00 to invest in an asset (business, education, homeownership).

Am I eligible? 

Yes, if you are:

• Employed – part or full-time
• An Indiana Resident
• Below 200% of the Federal Poverty Guidelines based on household size (see chart below)
• Able to save a minimum of $25 per month
• Meet minimum screening requirements

 

2016 POVERTY GUIDELINES
FOR THE 48 CONTIGUOUS STATES AND THE DISTRICT OF COLUMBIA

 

Maximum Household Income Allowed
200%

Household size

100% Poverty guideline


Annually


Monthly


Bi-Weekly

1

$11,880

$23,760

$1,980

$914

2

16,020

$32,040

$2,670

$1,232

3

20,160

$40,320

$3,360

$1,551

4

24,300

$48,600

$4,050

$1,869

5

28,440

$56.880

$4,740

$2,188

6

32,580

$61,160

$5,097

$2,352

7

36,730

$73,460

$6,122

$2,826

8

40,890

$81,780

$6,815

$3,145

For each
additional
person, add:

$4,160