Individual Development Account Program
WHAT IS AN INDIVIDUAL DEVELOPMENT ACCOUNT?
An Individual Development Account (IDA) is a savings account which helps low income individuals and families save for the purchase of an asset. When partnering with HOPE of Evans-ville (HOPE), the savings account can be used to purchase any of the following assets: a home, a home repair, and/or a small business.
An individual must work with their HOPE advocate to set-up a savings account with Old National Bank. Once set-up the individual/family will have until July 31, 2018 to meet their savings goal of up to $1,000. Once the savings goal has been met it will be matched 4-to-1 up to $4,000 which means they could receive at total of $5,000!
HOW DO I QUALIFY FOR AN ACCOUNT?
In order to participate in HOPE’s ID A 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:
Once qualified, they must make regular deposits into their savings account and meet their savings goal by July 31, 2018 in order to receive the 4-to-1 match. The money can only be used to make the qualified purchase.
HOW DO I APPLY FOR AN ACCOUNT?
An application for a HOPE IDA account can be obtained by contacting our office at 812-423-3169 or emailing email@example.com.
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’s/family’s plan will be reviewed and approved. Regular follow-up appointments will occur to ensure the individual/family are meeting their savings goal(s). Once savings goals have been met, a final appointment will occur to approve match and release of funds.