The program is designed to help low income families develop savings accounts which they can later use to purchase a home or help cover education expenses. The special IDA savings accounts are set up under a trust agreement with a local non-profit agency and a participating bank, both of which agree to provide the service at no cost to the participant. Only 800 families in the entire state will be permitted to participate in 1997.
Local businesses can also benefit from the program.
By participating even at a very minimal level, employers can help stabilize their work force and develop additional worker loyalty. The Fort Wayne Neighborhood Housing Partnership and Fort Wayne National Bank have agreed to join forces and ask the state to set aside up to 100 accounts for residents in Fort Wayne. Employers interested in participating should call the Partnership to discuss the program and the tax incentives. Accounts will be awarded on a first come first served basis once the state notifies the Partnership of account awards. Final notices of account awards are not expected until January.