Start Saving for the Future With HOPE
Individual Development Account Program
Did you know you can turn $1,500 into $6,000 by saving just a little every month? You can with HOPE of Evansville’s Individual Development Account program. Any individual or family must be income-qualified. All household income will be counted (some limitations do apply). Please contact HOPE in Evansville, IN, for more information on availability by emailing office@hopeofevansville.org, as accounts are limited.
How can I be a part of the Individual Development Account program?”
The only things you need to do to participate are:
- Income Qualify
- Save $1,500
“How does the Individual Development Account program work?”
The IDA program assists low- and 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 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 $4,500 in state and federal match funds toward one of the eligible asset goals mentioned above. This means you could save $1,500 and have $6,000 towards your goal for this year. 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 of $3 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.
- Obtain education.
- Make essential repairs to owner-occupied housing.
- Purchase a car.
How to Income Qualify
The IDA program assists those within 200% of the Federal Poverty Level. To see the current chart, click here. This chart displays the maximum household income allowed based on household size using the Federal Poverty Guidelines.
Accessing Your Funds in an IDA
The funds in an IDA cannot be accessed immediately. This program is intended to reward long-term savings. An IDA payout can be used at its maximum capacity after 2 years. The payout schedule of an IDA is:
An application for a HOPE IDA account can be obtained by contacting our office at (812) 423-3169 or visiting HOPE at 900 N Main 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.
