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

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### 🔍 Key Features
- Tailored to Indiana homebuyers
- Access to financial assistance
- Available through approved lenders statewide

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### 👤 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

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### 📌 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

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### 📝 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.

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- 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.