IDA savings accounts
What are Individual Development Accounts?
Individual Development Accounts (IDA's) reward the savings of low-moderate income families who aim to buy their home, pay for postsecondary education, start or expand a small business or repair an existing home. This incentive is provided through the use of matching funds that typically come from a variety of private and public sources.
LaCasa's IDA Program
LaCasa started offering IDA's in 1997. Currently we have about 200 active savings accounts and more than a 85% success rate with participants meeting their goals. Participants are required to complete Financial Fitness Training, Homeownership classes and counseling. Account holders can save from $300 to $400 per year for four consecutive years and their savings are matched at a rate of 3:1 or 4:1. Extensive counseling during the four-year period helps participants achieve their specified saving goals.
Call San or Deb at 574-533-4450 for more information and to see if you qualify.
IDA Client Story
“The IDA account gave us the opportunity we needed to save for a down payment on our first home. Without it we may have never purchased a home or we may have needed (to) settle for a high interest mortgage. Before we attended your classes we did not understand how harmful this could have been for us in the long run.
Also, the financial classes offered by LaCasa provided my wife and me with sound financial management. I am pleased to say we are instilling into our children much of what we have gained from LaCasa in hopes that they are able to get a head start in life.”