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ECDI Individual Development Account Program

Program Description

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)
Family size Level Family size Level
1 $23,540 6 $65,140
2 $31,860 7 $73,460
3 $40,180 8 $81,780
4 $48,500 9 $90,100
5 $56,820   (add $8,320 for each additional family member)

Contacts

Click here for more information.