IHCDA Individual Development Account (IDA) Program

Program Overview

IHCDA Individual Development Account (IDA) Program

The IDA Program is a powerful asset-building tool for low-income residents of Indiana. It rewards consistent saving habits with matched contributions that can be used for homeownership.

Key Features:

• Offers 3:1 matching for each dollar saved

• Used for home purchases, higher education, or business startup

• Requires commitment to financial literacy training and long-term goals

Great Fit For:

• Low-income individuals with consistent income

• First-time homebuyers looking for structured support

• Savers committed to budgeting and long-term financial growth

Who Should Use This Program?

• First-time homebuyers looking for affordability

• Low- to moderate-income families

• Residents seeking long-term housing stability

What You Need to Know

• Program eligibility varies by income and location

• You may be required to complete a homebuyer course

• Assistance may be structured as a grant or loan

Next Steps

1. Review eligibility requirements and program benefits

2. Contact a participating lender or city agency

3. Gather financial documents and prepare to apply

4. Complete homebuyer counseling if needed

5. Finalize your loan and receive program benefits

🔍 Key Features

• Tailored to Indiana homebuyers

• Access to financial assistance

• Available through approved lenders statewide

👤 Who Is This Program For?

This program is ideal for:

• First-time or repeat homebuyers in Indiana

• Households with limited income or savings

• Buyers seeking predictable monthly mortgage payments

• Individuals needing help with upfront costs like down payments or closing fees

📌 What Sets It Apart?

• Competitive interest rates and loan terms

• Potential combination with federal or local incentives

• Emphasis on sustainable homeownership and financial stability

• Support from certified housing counselors

📝 How to Get Started

1. Visit the official program website or contact an approved IHCDA lender.

2. Gather documentation (proof of income, credit report, home purchase agreement, etc.).

3. Complete a required homebuyer education course if applicable.

4. Submit your application and await approval.

5. Close on your new home and enjoy the benefits of homeownership.

• Must be low-income (based on federal poverty guidelines).

• Must commit to saving over 6–24 months for a qualified goal.

• Must attend financial literacy and asset training.

• Matched savings up to 3:1 for home purchase.

• Encourages budgeting and long-term planning.

• Can be used for homeownership, education, or business startup.

1. Apply through a local IDA administrator.

2. Set savings goal and timeline.

3. Complete training and maintain savings schedule.

4. Use matched funds toward approved purpose.