Tori Dillinger, Administrative Assistant
Individual Development Accounts (IDA) are back for 2019! IDAs are savings accounts that the state of Indiana can match for income-qualified individuals towards the purchase of assets. This year, we have IDA Fast-Track Accounts & Standard Accounts. There are some big differences between the two – both are intended to help give low-to-moderate income families a boost in acquiring assets.
For those familiar with the program, the main difference between the two is the match & the time restrictions. Standard IDAs are a long-term savings plan and the Fast-Track IDAs must be spent by July 31, 2019. The Standard IDA offers a 3:1 match up to $1,500 rather than Fast-Track IDA 4:1 match up to $1,000. The time restrictions on a Standard IDA requires only $800 can be matched in the first year ($2,400 in match), then $700 ($2,100 in match) the year after.
Below is a summary of our IDAs: