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PERRY COUNTY – Lincoln Hills Development Corporation continues to operate the Individual Development Account Program and recently received a new contract. Under this program, income eligible individuals and families can earn while they learn and see their savings matched up to $1600 annually. Once eligible, families are able to participate in the program for up to four years. A provision allows for completion of the program in two years through fast tracking and as eligibility is approved more information will be made available.
The IDA Program is designed to help eligible individuals save money while learning financial skills. Through the program, qualified applicants are encouraged to save money, with every dollar they save matched by $4 from the state. The match is subject to change from year to year, but is $4 to $1 this year.
“While participants can save more than $400 on their own, the state match will only be in effect for the initial $400,” said Tammy Thompson, LHDC Community Services Director. That translates to a maximum of $1600 per year, or a total of $2000 saved for each of the four years of the program.
The match is determined by how much money has been saved in the account by May 30 of every year, up to a maximum of four years. The savings account is tax-free, but there are restrictions on how the money can be spent. Funds can be used as a down payment on a home for the applicant, to start up or purchase a business, to attend college courses or technical training or to weatherize or rehab the IDA Participant’s home – the participant must show proof of home ownership.
To qualify, an applicant’s income must be less than 175 percent of the federal income poverty level, must have earned income, and must be an Indiana resident 18 years of age or older. Only one family member can open an account per household.
Income guidelines are as follows:
For a one-member household, gross annual income, $19,058.
For a two-member household, gross annual income, $25,743.
For a three-member household, gross annual income, $32,428.
For a four-member household, gross annual income, $39,113.
For a five-member household, gross annual income, $45,798.
For a six-member household, gross annual income, $52,483.
For a seven-member household, gross annual income, $59,168.
For a eight-member household, gross annual income, $65,853.
If there are more than eight members in the household, add $6,685 for each additional household member.
Lincoln Hills has received approval to administer 50 accounts for Perry, Spencer and Crawford counties and currently has approximately 15 slots available.
Through the IDA Program, many Indiana families have been able to work towards their financial goals by furthering their education, participating in a job training program, buying or rehabilitating a home of their own, or starting a business.
Call 547-3435 or (800) 467-1435 for Tammy Thompson (Ext. 231) or Julie Hardesty (Ext. 229) to request an application packet.