INDIANA – An Individual Development Account, or IDA, assists Hoosiers with savings towards a major asset purchase. Qualified participants set savings goals and make regular savings deposits over the course of a three-year program. Once completed, the savings are used to make a major asset purchase.
How does it work?
For each dollar saved, up to $1,500 in three years or less, the State of Indiana matches with three dollars. This means that if a participant successfully saves $1,500, then the State will match it with $4,500, totaling a combined savings of $6,000.
IDA participants may use their IDA personal savings and match funds for qualified asset purchases toward education and job training.
Funds may pay for costs associated with attending:
- An accredited institution of higher education
- Vocational school
- Accredited or a licensed training program that may lead to employment for the IDA participant or his/her dependent
Qualified expenses may include tuition (including registration fees), laboratory fees, books, room and board, supplies or equipment (including the purchase of a computer for educational use), and other costs associated with attendance for the participant or dependent.
For resources, visit our IDA Partner website HERE.
Any questions on the application should be sent to IDA@ihcda.in.gov.