PathStone Housing Corporation of Indiana has been awarded $6,750 through the Individual Development Account (IDA) State Tax Credit program. Tax credits are available to individuals, organizations, businesses, financial institutions, etc. who make a contribution to the PathStone IDA Tax Credit program of $100 or more. Fifty cents of every dollar contributed can be used as a tax credit towards your Indiana State Tax liability and your entire contribution can be deducted from your Federal Tax Return.
Contributions will fund PathStone’s Individual Development Account Tax Credit program for low-moderate income individuals looking to purchase or repair a home, pursue higher education, or start/expand a small business. Participants in the IDA Tax Credit Program are matched quarterly 3:1 for every dollar that they save with the potential of earning $1,800 in matching funds per year. These funds can then be used towards the asset purchases mentioned above. Participants also complete 8+ hours of money management education and 6+ hours of asset specific education as well to ensure sustainability of their asset purchases.
For example, an individual who donates $500 to the IDA tax credit program will receive $250 in state tax credits from the IRS and up to the full $500 can be deducted from the Federal Tax Return. PathStone will then use that $500 donation as matching funds for the participant's savings. Once a participant has completed their money management and asset specific education, they will be able to use their personal and matching funds for a home purchase, home repair, higher educational costs (tuition, books, fees, computer, internet, printer, etc.), or small business start up/expansion.
"The impact that these donations have are very real for the participants in this program" says Brian P. Carman, Homeownership Counseling Manager for PathStone. "So please see the featured photos and stories on our Facebook page and photo album titled 'Success Stories'."
For more information about PathStone and the other programs we offer, please visit our main facebook page at https://www.facebook.com/PathStoneIndiana.