Indiana gets $1M grant to help people build savings
The state has received a $1 million federal grant to programs to help individuals and families build their savings.
The Office of Community Services of the federal Administration for Children and Families announced the grant Monday to the Indiana Housing and Community Development Authority.
The grant under the Assets for Independence program use existing individual and community assets to give individuals access to savings accounts called Individual Development Accounts. Each dollar deposited into such an account receives a match of $1 to $8 from federal and private sector resources. Individuals in the program also receive education toward becoming financially self-sufficient.
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