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Individual Development Accounts (IDA)
The Individual Development Account (IDA) Program is an asset development program that assists low-moderate income individuals and families in breaking trends of generational poverty, improving their quality of life, and attaining self-sufficiency through matched savings incentive, education, and building personal financial skills. IDA was established in 1997 through Indiana State legislation (I.C. 4-4-28) and is currently fully State-funded. IDA is administered locally by non-profit community-based organizations with oversight by IHCDA.
In conjunction with the conventional IDA Program, IHCDA also oversees the IDA Tax Credit Program, which assists IDA program administrators in supplementing their IDA Program slots by providing them with Indiana Tax Credits to use as a fundraising tool to incentivize increased donor contributions to finance additional IDA accounts.
To learn more about IDA, click on the “What is IDA?” section below. To find a local IDA administrator near you, click on the “Find your Local IDA Administrator” section.
ANNOUNCEMENT
The 2024 IDA/IDA Tax Credit Administrator application will open on April 16, 2024. All applications are to be completed online via direct link emailed to the applicant from SurveyMonkey. To request to receive an email with a link to the application, please complete the application request form HERE.
Application request forms may be submitted prior to April 16; however, you will not receive the link until the application opens.
While the application period is open, all application links will be emailed within 48 hours (business days) of submission of the request form. If you do not receive the application link, please first check your spam folder and ensure SurveyMonkey is added to your allowed email list. Click HERE for more information on this from the SurveyMonkey website. If you have followed these instructions and still have not received the application link, please email IDA@ihcda.in.gov for further assistance.
The application will close on May 13, 2024 at 5 PM Eastern, and no submissions will be accepted after that time.
- What is IDA?
The Individual Development Accounts (IDA) Program is an asset-development program that assists low-moderate income Hoosiers in achieving long-term financial self-sufficiency. IDA was established in 1997 through Indiana State legislation (I.C. 4-4-28) and, beginning in 1998, also received federal funding through the U.S. Department of Health and Human Services Assets for Independence (AFI) Grant. In 2016, the AFI Program ended, and as of 2018, IDA has been administered as a fully State-funded program.
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 toward building wealth and developing the knowledge and skills needed to achieve financial independence. IDA helps individuals and families with limited means to attain their goals through matched-savings incentives, financial education, and developing regular savings habits.
Qualified IDA participants work with program administrators to set savings goals and make regular deposits. Participants also receive one-on-one counseling, case management, and financial literacy education covering topics such as budgeting, savings, credit, banking, taxes, and other money management strategies as well as education and training related to their specific asset goals.
IDA participants are eligible to receive up to $4,500 in State match funds. Participant savings are matched at a rate of $3 for every $1 saved to be used toward the purchase of one or more major assets. IDA eligible assets include:
- Purchasing of a primary residence located in Indiana.
- Education and job training.
- Starting or expanding a small business located in Indiana.
- Making essential repairs to owner-occupied housing located in Indiana.
- Purchasing a vehicle for employment, education, or job training purposes.
Indiana’s IDA Program is administered by local community-based non-profit organizations with oversight by IHCDA. Prospective participants apply for IDA directly through local administrators serving their area.
IDA Tax Credit Program
In conjunction with the conventional IDA Program, IHCDA also oversees the IDA Tax Credit Program as an opportunity for program administrators to fund additional IDA accounts beyond those available through direct State appropriation.
Like the conventional IDA Program, the IDA Tax Credit Program was also established through Indiana State legislation (I.C. 6-3.1-18, I.C. 4-4-28-13); however, instead of being funded directly, this program assists IDA administrators in raising donations to fund a supplemental number of IDA accounts. A total of $200,000 in tax credits is awarded annually for distribution by IDA administrators to use as an incentive to help them leverage the contributions from individuals and businesses. Tax credits are distributed to donors at 50% of the contribution amount and are subtracted from a donor's state income tax liability.
With regard to program participants, the IDA Tax Credit Program is administered in largely the same manner as the conventional IDA Program.
- Manuals and Program Guidance
- IDA: Program Manual
- IDA: Program Guidance on Use of Funds and Social Security Numbers
- IDA: Program Guidance on Return of Funds and Match Tool
- IDA: Program Guidance: Vehicles, Client Tracking, Foster Kids, and Dependents
- IDA: Program Guidance on Net Worth and Training
- IDA: Program Guidance on Match Amounts and Rates
- IDA: Program Guidance on Bank Account Structure
- IDA Tax Credit: Program Manual
- IDA Tax Credit: Program Management Guidance
- Find Your Local IDA Program Administrator
- MAP - IDA Administrators
- 2023 IDA Program Administrators
- 2022 IDA Program Administrators
- 2021 IDA Program Administrators
- 2020 IDA Program Administrators
- Required Program Documents
- IDA: Participant Application
- IDA: Household Member Zero Income Affidavit
- IDA: No Prior IDA Affidavit
- IDA: Income Calculation Worksheet
- IDA: Savings Plan Agreement
- IDA: Grant Reassignment Affidavit
- IDA: Request for Emergency Withdrawal
- IDA: Asset Purchase Withdrawal Form
- IDA: Account Close Out Form
- IDA Tax Credits: Donor Contribution Form
- IDA Tax Credit First Half Donor Report
- IDA Tax Credit Second Half Donor Report
- Other Resources
- IDA Asset Purchase Quick Reference
- IDA Participant Education and Training Resources
- IDA Additional Administrator Resources
- IDA Tax Credit Explanation
- IDA/IDA Tax Credit Sample Application (2023)
- IDA/IDA Tax Credit Sample Administrator Application
- IDA/IDA Tax Credit Application Webinar Slides (2023)
- IDA/IDA Tax Credit Post Award Webinar Slides (2023)
- Claims and Reporting
- Program Impact - Success Stories
Under Construction
- Contact Us
For more information about IDA, please contact:
Quinn Kissane
Community Programs Manager - IDA
317-941-4351
IDA@ihcda.in.gov
Program Applications, Policies, and Forms
IDA 2023
- 2023 IDA Program Administrators
- 2023 IDA and IDA Tax Credit Application (online form)
- 2023 IDA and IDA Tax Credit Application (PDF-reference copy)
- 2023 IDA Application Webinar Slides
IDA022
- 2022 IDA Program Administrators
- 2022 Application Webinar
- 2022 Application Webinar Slides
- 2022-2026 IDA Program Manual
IDA021
IDA020
IDA019
- 2019-2020 IDA Program Manual
- 2019-2020 IDA Training Presentation Slides
- 2019-2020 IDA Training Presentation Video
IDA018
- 2018-2019 IDA Program Manual
- 2018-2019 IDA Training Presentation Slides
- 2018-2019 IDA Training Presentation Video
Reference Materials
IDA Guidance
- IDA-2021-01 - Use of Funds and Social Security Numbers
- IDA-2020-04 - Return of Funds and Match Tool
- IDA-2020-03 - Guidance on Vehicles, Client Tracking, Foster Kids, and Dependents
- IDA-2020-02 - Guidance on Net Worth and Training
- IDA-2020-01 - Guidance on COVID-19 Response - Updated July 28, 2020
- IDA Match Amounts and Rates
- IDA Bank Account Structure
IDA Required Documents
- 2022 IDA Match Claims Tool
- 2022 IDA Participant Application
- 2022 Household Member Zero Income Affidavit
- 2022 No Prior IDA Affidavit
- 2022 Income Calculation Worksheet
- 2022 IDA Savings Plan Agreement
- 2022 IDA Grant Reassignment Affidavit
- 2022 Request for Emergency Withdrawal
- Asset Purchase Withdrawal Form IDA018, IDA019, IDA020, IDA2021, and IDA2022
- Account Close Out Form IDA018, IDA019, IDA020, IDA2021, and IDA2022
Other IDA Resources
- IDA Claims Webinar
- IDA Rack Card
- IDA Flyer
- IDA Flyer - Invest in Your Future
- IDA Training Resources
- IDA One-Pager (updated May 6, 2019)
- Indiana IDA Program administrators - Updated August 31, 2020
- IDA Guide to IHCDA Online - Updated March 25, 2022
- Additional IDA Resources
2022 IDA Tax Credits
- 2022-2023 IDA Tax Credit Manual
- 2022-2023 IDA Tax Credit First Half Donor Report - Due January 13, 2023
- 2022-2023 IDA Tax Credit Second Half Donor Report - Due July 10, 2023
2021 IDA Tax Credits
- 2021-2022 IDA Tax Credit First Half Donor Report - Due January 19, 2022
- 2021-2022 IDA Tax Credit Second Half Donor Report - Due July 11, 2022
2020 IDA Tax Credits
- IDA Tax Credits Explanation
- 2020-2021 IDA Tax Credit Donor Reports
- 2020 IDA Tax Credit Program Management Guidance