IDA’s will be paid directly to an accredited institution of higher education (trade, college or university) for the individual or the dependent of the individual.
# in HH Annual Income
1 $20,108
2 $27,143
3 $34,178
4 $41,213
- Has GED, High School Diploma or taken assessment for GED.
- Financial Literacy course completed in 1 year.
- Continue Financial Literacy sessions (at least 1 each year beginning in year 2)
- Complete track related training.
HOME OWNERSHIP TRACK
IDA’s will be paid to the lending source for down payment and closing cost to purchase a primary residence for the individual.
- Income meets guidelines (see Income chart)
- Job stability
- Attend orientation class
- Complete financial literacy class in first year
- Complete home ownership class
- work to repair credit (on-going)
- Maintain employment
- Complete track related training
IDA’s will be released to purchase or start a business which meets criteria. Can not be used to liquidate debt owed on current business.Can be used to purchase equipment if related to business.
- Income meets guidelines (see Income chart)
- Attend orientation class
- Complete Financial Literacy class in first year
- Complete Small Business Course with Neighborhood Economic Development Center (NEDC) to develop business plan
- Develop list of assets and liabilities personally and for the business
- Complete track related training
For More Information Contact:
Sandra Thompson
Phone: 812-492-3958