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Program Description
This Economic and Community Development Institute (ECDI) first-time homebuyer downpayment assistance program provides prospective home- buyers 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;
- 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;
- Have less than $10,000 in liquid assets (excluding primary vehicle); and
- Enroll and complete a First-time Home Buyer's Education Course through ECDI's Financial Literacy classes.
2007 Federal Proverty Guidelines (200% Income Level)
Family size Level Family size Level
1 $20,420 6 $55,220
2 $27,380 7 $62,180
3 $34,340 8 $62,180
4 $41.300 9 $69,140
5 $48,260 (add $6,960 for each additional family member)
Contacts
Lucy Jaramillo, 614-732-0571, mailtog:ljaramillo@ecdi.org or ECDI, 614-559-0115, www.ecdi.org.
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