Turn $1,000 into $4,000 by opening an IDA savings account before July 31, 2018
Less than a Month Left to Take Advantage of HOPE of Evansville’s Individual Development Account Program
Evansville residents have until July 31, 2018 to sign up for the HOPE Individual Development Account program. The IDA program offers a 4-to-1 match in a savings account for a total of $5,000 which helps low income individuals and families save for the purchase of an asset.
When partnering with HOPE, the savings account can be used to purchase any of the following assets: a home, a home repair, and/or a small business. The money can only be used to make one of these qualified purchases. Home repairs can include windows, roofing, HVAC, flooring etc. Contact for more information on qualified purchases.
An individual must work with their HOPE advocate to set-up a savings account with Old National Bank prior to July 31, 2018. Once setup, the individual will have until July 31 to meet their savings goal of $1,000 and purchase their asset. Once the savings goal has been met, it will be matched 4-to-1 up to $4,000. They could receive a total of $5,000.
In order to participate in HOPE’s IDA program, an individual or family must make less than 200% of the Federal Poverty Level. The following is the breakdown of the maximum incomes allowed in 2017:
An application for a HOPE IDA account can be obtained by contacted our office at 812-423-3169 or visiting at 612 SE 4th St., Evansville, IN. Once an application is completed, the individual or family will need to schedule a review appointment with a HOPE advocate. The HOPE advocate will ensure this step occurs.
During the review appointment, the individual/family’s plan will be reviewed and approved.