What Are IDAs?
Individual Development Accounts (IDAs) are matched savings designed to assist low-income and low-wealth families invest in purchasing a home and develop good savings habits.

Create an Individual Development Account
Here's a great way to fatten your bank account before buying your first home. It's a matched savings program and it works like this: you save $1,000 and we'll match it with another $4,000 at closing! Spend the money on the downpayment or closing costs.

Upon being selected to participate in the IDA program and meeting pre-account requirements, account holders will open a savings account at a predetermined bank. No minimum balance is required, however, account holders must make an initial deposit of at least $25 to open the account. Savings goals may range from $500 to $1,000.

Eligibility Criteria:

	Be at least 18 years old
	Be enrolled in the NHS Homeownership Program
	Agree to make required monthly savings deposits
	The income qualifications vary depending upon a number of factors. The NHS counselor can let you know if you qualify.
	Be prepared to meet savings goal within a minimum of 6 months to a maximum of 24 months
	Participate in Financial Literacy Classes and homebuyer training

Rewards of being an IDA Participant:
IDA savings are matched on a 4:1 basis up to $4,000 per account within a 2 year period.

IDA Success Stories:
Phyllis Garcia, a hair stylist and single mother of two, made the decision not to purchase a car earlier this year so that she could qualify to purchase a home. During an interview with her housing counselor, Phyllis was shown how the car note would affect her housing ratio. Her car was paid for but stolen. Her insurance paid the car off but she was left with no transportation. Had she purchased a car, she would not have qualified to purchase a home. She sacrificed the luxury of an automobile to become a homeowner sooner than she hoped. Her plan was to purchase a home within a year once she'd saved enough for closing costs and the down payment. She always knew she would own a home one day.

"Thanks to programs like IDA Matched Savings Program, I was given the opportunity to purchase sooner than I'd anticipated."

The matched funds gave her the additional funds she needed to seal the deal. It was a struggle for her. From this situation, she learned that patience and perseverance pays off. Ms. Garcia is now a homeowner!

Brenda Pitts, a single mother of three, once resided in the housing developments in New Orleans for 11 years. Brenda works as a cook at a local casino. She had aspirations of becoming a homeowner for a long time but could never save enough money for the closing costs and down payment. She heard about the IDA Matched Savings Program and signed up immediately. Brenda wanted to be the first in her family to purchase a home. Today, with the help of IDA, Brenda is not only a homeowner, but she is also a role model.

"This step has allowed me to set a good example for my children. I paid rent on an apartment that I could never own. Nothing is going to stop me from paying my mortgage on time every month. Thank God for programs like IDA. The IDA Savings Program helped me to make my dream come true. Now I have a home of my own!"

Linda Lucas, a single mother of three, earns a living by working two jobs as a cook - one in the school system and the other at a local restaurant. Linda lived in a housing development for 27 years. She wanted to get her sons out of that environment and into their own home. She worked extremely hard to save the money she would need to purchase a home. When she went in for housing counseling, she found out she needed a lot more than she was able to save. The IDA Matched Savings Program was a blessing in disguise.

"The IDA program is the answer to my prayers. I am so grateful that there is help out there for low income individuals who struggle to improve the quality of their lives." Linda added, "IDA's are better than housing developments - they help create homeownership."

Visit our collaborative site for additional information.

Sign up with the program and get ready to bring home the bacon!