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Individual Development Account Program

What is an IDA

An IDA (Individual Development Account) is a Matched Savings Account to purchase a specific asset, and in this case to use to BUY A HOME.
You are matched $3 for every $1 you save up to $1,000.When you save $1,000 that savings is matched with an additional $3,000 (for a total of $4,000) to use for down payment or closing costs on the purchase of a home.
Income Eligibility
You must be at or below 200% of the Federal Poverty Guidelines.

Family Size Income Level
1 $20,420
2 $27,380
3 $34,340
4 $41,300
5 $48,260
6 $55,220
Financial Management Education

  1. Goal Setting & Making Plans
  2. Household Budgeting
  3. The Importance of Credit Standing
  4. Savings & Interest
  5. Working with Financial Institutions
  6. Succeeding in Asset Purchase

 

The IDA Program Provides

  • Financial Management Education
  • Asset Specific Training
  • Credit Counseling, if needed
  • Account Statements
  • Confidentiality
  • Individual Assistance
  • Match Funds
Participation Requirements

  1. Agree to save a minimum of $20 per month from earnings. You must save for at least 6 full months.
  2. Agree to complete financial management classes and asset specific training.
  3. Agree to review and address any credit issues that might inhibit success.
  4. Abide by the program rules.
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