ECDI Individual Development Account Program
This Economic and Community Development Institute (ECDI) first-time homebuyer downpayment assistance program provides prospective homebuyers access to an Individual Development Accounts (IDAs).
What are IDAs?
Individual Development Accounts (IDAs) are matched savings accounts for low- to moderate-income individuals. Customers save up to $1,000, which is then matched up to 3:1 from local and federal sources. The savings and matched dollars can be used toward a downpayment, home inspection, and/or closing costs.
The money earned through IDAs is not a loan, and does not have to be repaid. All clients who participate in the IDAs program are required to complete financial literacy training.
To qualify for this program, applicants must:
- Be at least 18 years old and a legal resident of the United States;
- Must be employed or self-employed
- Have a household income at or below 200% of Federal Poverty Income Guidelines (see table below);
- Have at least one dependent living in their home;
- Household assets cannot exceed $10,000 (excluding one home and one car); and
- Enroll and complete a First-time Home Buyer's Education Course through ECDI's Financial Literacy classes.
2015 Federal Proverty Guidelines (200% Income Level)
||(add $8,320 for each additional family member)
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