Individual Development Accounts (IDAs) for first time homebuyers

Posted by on April 13, 2009

United Way offers homeownership IDAs

United Way of Southeastern Pennsylvania is looking for proposals from community agencies to administer Individual Development Accounts (IDAs) for first time homebuyers.

IDA programs provide financial education, help individuals establish a pattern of regular saving and provide an incentive for saving in the form of matching funds.

As part of the Creating Assets, Savings and Hope (C.A.S.H.) Initiative, UWSEPA’s housing IDA program offers low-income individuals a 2:1 match on their savings, up to a maximum of a $4,000 match.

To participate in an IDA, individuals must have a household net worth that is less than $10,000 and an adjusted gross income that either qualifies them for the Earned Income Tax Credit or is at or below 200% of the Federal Poverty Level. I

Agencies who have clients that would benefit from this program and have the organizational capacity to incorporate an IDA program into their existing housing counseling services are encouraged to submit a proposal.

For more information and to get a copy of the Request for Proposals, email Ingrid Jauss at [email protected] or call 215-665-2590.   Proposals are due May 8, 2009.