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April 6, 2010

Ind. gets $1M for Individual Development Accounts

Associated Press

Indianapolis — The U.S. Department of Health and Human Services has given Indiana $1 million for a program that helps low-income families save money for a first home, a small business or post-secondary education or training.

HHS’s Administration for Children and Families said Monday it awarded the grant to the Assets for Independence program in the Indiana Housing and Community Development Authority.

The grant will help participants in the program set up Individual Development Accounts in which every dollar deposited by a participant is matched to a certain amount by the federal government or the private sector.

The state of Indiana was one of the first states to administer state-level Individual Development Accounts.

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