Through the Individual Development Account Program, Housing Opportunities works with low and moderate income clients to help them save for
- a down payment on a home purchase
- rehabbing expenses for a current home
- education or job training expenses
- small business start-up expenses
If you qualify, our team will help you establish a progressive savings account, to which the state will make matching deposits, up to a total annual accumulation of $1200 for each individual (maximum length of participation is four years). These funds can be applied to purchasing a home or business, education or training for the individual or dependent.
To qualify, applicants must
- Be residents of Indiana, however we server Porter, Lake and LaPorte counties
- Have earned income
- Have household income less than 175% of the federal poverty guidelines, or receive Temporary Assistance for Needy Families (TANF)
- Be able to save $35/month or $400/year;
- Attend 8 hours of Financial Literacy Training
- Attend training and/or counseling sessions specific to their asset goal
- Open a special savings account at a Housing Opportunities-designated bank
- Make regular weekly, monthly or quarterly deposits
Download an IDA Eligibility Evaluation, Contact or This e-mail address is being protected from spambots. You need JavaScript enabled to view it us for more information.