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Contact person:
Aretha Graves, IDA Program Manager
27 Pasco Avenue, Evansville IN 47713
(812) 425-4241 Ext. 3967
Office hours: 9 AM - 5 PM, Monday through Friday

Program participants achieving program goal in 2006: 95

Goal:
To provide income-eligible individuals with a 3 to 1 match for earned income savings to purchase a home, start a business or attend secondary education/training.

Services provided:
Customers deposit earned income into a savings account established by program staff. Up to $400 of deposited income will be matched annually on a 3 to 1 basis by the program. Savings may occur up to a 4 year period.

Savings can be utilized to purchase a home, begin a new business, or attendance by the customer or a dependent at an accredited institution of higher learning or training facility.

Customers are required to attend CAPE's Financial Literacy training.

What the program can/cannot do:
Program cannot make payments directly to customers. Payments are made to the education facility or financial institution for down payment/closing costs.

Program cannot provide funding to liquidate debt.

Who is eligible:
Households must be at or below the current 175% poverty income level.

Customers must complete the CAPE Financial Literacy training.

Customers in the Homeownership tract must complete a homeownership class and (if applicable) work to repair credit.

Customers in the Small Business tract must complete Small Business course through the Neighborhood Economic Development Center and develop a business plan; must also develop a list of assets/liabilities.

Information/documentation required for application:
Proof of household income

Other items related to the specific savings tract - contact IDA Program Manager regarding specific requirements.

Additional information:
A customer may deposit as much earned income into their IDA savings account. CAPE can only match the dollars up to $400 per year. If the customer completes all program requirements they can get up to $1200 in match money per year ($3 for every $1 saved).

Funding source:
Indianan Housing and Community Developement Authority

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