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 Capabilities Training, homeownership classes and counseling. Currently, account holders can
save up to $300 per
year for four consecutive years,
savings are matched at a rate of 3:1. Extensive counseling during the four-year period helps participants achieve their specified saving goals.
Call Deb at 574-533-4450 for more information and to see if you qualify. You may also attend a workshop about IDAs (information here).
IDA Client Story
A grateful client writes, "Thank you LaCasa for helping people with the IDA accounts… I wanted to buy a house but told my neighbor that I just couldn't come up with the down money. She told me about LaCasa because she used the program herself. I started last February and have been extremely happy with the outcome… I …am extremely good with money so I didn't think the financial class would be all that helpful. ... I was totally wrong. You can never assume you do not need a class, because you can always learn from someone else's experiences and knowledge. I know that I can handle my payments and that my house is worth the money I still owe. This house is going to make a great home for my kids and me for a long long time!"
Her counselor Deb added, “She was a great person to work with; very vivacious and determined. That is what it takes.”