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Matched Savings

The Individual Development Account (IDA) Program, is a savings program that helps low income households save for down payment and closing costs assistance to buy a home. The IDA Program offers eligible individuals/households the opportunity to save for a future asset, obtain financial fitness training and home ownership training. IDA accounts are “matched” saving accounts that match every $1 saved with an $8 match. An eligible individual can deposit $500 over a six month period and receive a match of $4,000 for a total of $4,500 to be applied toward down payment and closing cost assistance to buy a home.

IDA’s are designed to help low-income and low-wealth families accumulate high return investments in home ownership. Attendance at a Home Buyer Seminar and Financial Capabilities Training is a perquisite to enrollment in the IDA program.

Who is Eligible?

  • Individuals/Households who are TANF eligible
  • Individuals/Households that are EITC (Earned Income Tax Credit) eligible
  • Individuals/Households that are 200% of poverty or below
  • You must have earned income coming from the household
  • AND, those eligible must pass a Net Worth test.

Enrollment is on a first come, first serve basis and there may be a waiting list if funds are not available.

To get started, please register for a class today!