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Indiana's Individual Development Account (IDA) Program was established in 1997 to help low-income Hoosiers build assets, become self-sufficient, learn personal financial skills and improve their quality of life. The program is administered by the Community Development division of the Indiana Department of Commerce (IDOC) through a network of nonprofit community organizations and financial institutions. Combined Community Services is partnering with Lake City Bank as the only organization in Kosciusko County currently offering this unique savings program.
For every $1 a participant saves in an IDA account, the State of Indiana contributes an additional $3 for up to $900 a year. Some participants also receive an additional 3:1 match from the federal Assets for Independence Act (AFIA) grant, thus creating a $6 match for every $1 saved.
IDA savings can be used to pay for higher or vocational education, to purchase a home, or to start or expand a small business. Financial institutions participating in the IDA program provide interest-bearing savings accounts with no minimum-balance requirements or monthly fees. IDA participants take financial classes and receive counseling and support through Combined Community Services as they pursue their savings goals.
For more information on the program, contact Christie Beldon at 574-269-6019 extension 224