IDA - Does My Purchase Qualify?

Tori DillingerAdministrative Assistant

By now you have likely heard about our Individual Development Account program. In short, the state will match qualified purchases 3:1 for up to $1,500 over two years. To learn more, follow this link. We often get questions about what exactly counts as “qualified purchases”. To  help clarify, here is a little bit more about the program’s guidelines.

First, asset purchases utilizing the IDA program must fall into five basic categories:

  • Home Purchase

  • Education & Job Training

  • Small Business

  • Owner Occupied Repair

  • Motor Vehicle Purchase

In general, qualified expenses must be one-time costs associated with purchasing an asset or job training. In the case of home repair, funds can only be used for repairs that effect the habitability or energy efficiency of a house. Some specific examples of qualified and unqualified expenses are listed in the infographic below:

Past HOPE clients have utilized IDAs for the following purchases:

  • Purchasing a house. HOPE’s down payment assistance and an IDA can both be used to maximize your assistance.

  • Necessary kitchen repairs.

  • Roof replacements.

If you are looking to make any of the listed qualified purchases, and your income is below the guidelines listed below, please come by our office at 612 SE 4th St. to pick up an application. If you have any questions, feel free to reach out to our housing counselor Tony at anthonya@hopeofevansville.org or (812) 423-3169 Ext. 104.

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