Individual Development Accounts

Individual Development Accounts (IDAs)

Matched savings accounts that assist individuals with a modest income to save towards the purchase of a life-long asset. Through an IDA, every dollar saved individuals earn $3 in return and can be used towards home ownership, furthering personal education, or to expand a small business.

Step 1: Are you eligible?

  • An Indiana Resident?
  • Employed?
  • Below 200% of the Federal Poverty Guidelines based on household size or receive Temporary Assistance for Needy Families (TANF)?
  • Able to Save a Minimum of $25 per Month?
  • Meet the Minimum Screening Requirement?

Step 2: Complete Financial Empowerment Training

Here are the options, please pick one:

FDIC Money Smart – Self-paced, computer- based workshop including 11 modules of financial topics. At no cost to you, register at Money Smart CBI Online .
Note: You will earn certificates of completion for each module and turn all 11 of them in with your IDA application.

Pathways to Your Financial Destination – Instructor- facilitated introductory workshop covering primary financial topics in person. Eight hours. Cost $25. Register via Eventbrite link below or by submitting attached registration form with payment to the Center by mail or in person.

Step 3: Complete the IDA Application

You may also request an IDA Application by calling 317.633.8210 or email Please print one-sided and pay close attention to the checklist. Incomplete applications are not accepted.

Step 4: Request an Appointment with a Financial Coach

You may do so by calling our office at 317.633.8210 and asking to speak to a financial coach or by requesting an appointment in the form below:

Your financial coach is part of your coaching team and will connect you to your other team members (career coach & case manager). Your team is here to help you achieve your goals. If you are already working with a financial coach at another center, please let us know. Together, you and your coach will complete & sign the IDA assessment form in the application.

Step 5: What Happens Next?

Your coach will turn your completed application into the IDA Program administrator, who will contact you with a status:

  • Approved – The administrator will make arrangements with you to complete the enrollment process and open your account.
  • Denied – The administrator will provide you with the reason for denial and any additional steps you can take.
  • Incomplete – The administrator will inform you of additional information needed and ask you to collect your application and resubmit with all documents.
  • Wait list – Your application is approved but you will open at a later date typically because accounts are not currently available or you & your coach determine that you are not yet ready to open an account..

Explore other supportive resources available to you:
Home Ownership IDA: Indianapolis Neighborhood Housing Partnership (INHP)
Small Business IDA: Business Owners Initiative (BOI)

Job Training/Education IDA: email to meet with a career coach for planning assistance

IDA Withdrawal Request Form for Participants
IDA Withdrawal Request Electronic Signature
Withdrawal Checklist (all assets)
Upload Documents