The 4-to-1 match savings plan for the purchase of an asset is back. What is on your list?
During the 2017 funding cycle, Individual Development Accounts (IDA’s) were used to purchase homes, start small businesses, complete roof repairs, finish kitchen remodels, , and provide Down Payment Assistance. The only thing you need to do to participate now is:
The IDA program assists low-moderate income Hoosiers in attaining their goals through matched-savings incentives and financial education. Operating behind the rationale that income alone, is not enough for individuals to break trends of generational poverty, the IDA program focuses on asset building as a key component towards family self-sufficiency.
Participants in the IDA program are eligible to receive up to $4,000 in state and federal match funds towards one of the eligible asset goals mentioned above. Participants also receive one-on-one counseling and 8+ hours of financial education covering topics such as budgeting, savings, credit, banking, taxes, and other money management strategies.
Qualified participants set savings goals and make regular savings deposits. Every dollar they save is matched, at a maximum for $4 for every $1 saved, to help them reach their goals so they can:
Purchase a primary residence located in Indiana
Expand a small business located in Indiana
Make essential repairs to owner-occupied housing
Contact Tony at HOPE for more information on qualified purchases.
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.