MATCHING FUNDS FOR FIRST-TIME HOMEBUYERS!

[Oregon & Washington Residents Only]

The African American Alliance for Homeownership’s

Individual Development Account Program

Overview

The African American Alliance for Homeownership’s IDA Program is a match savings program designed to support income-eligible families seeking to build their financial assets. The goal of the program is to provide participants with incentives to save. 

Participants in the IDA program establish a savings account with a qualified financial institution for the purpose of purchasing a home. Savings accumulated in the IDA Program are matched at a 3:1 rate with funds from private and public sources. While saving for a match, program participants are required to complete an AAAH financial management.

Program Basics

Match Rate:                                      3:1
Maximum Savings Matched:             $3,000 (Your Money)
Maximum Match:        up to $9,000 ($3,000 x 3 = IDA funds)
Program Length:                               6 months to 3 years

All information is based on the savings goal that is chosen!!!!!

Qualified Expenses for Homeownership

• Down-payment
• Closing costs (such as attorney fees, appraiser’s fees, credit reports, home inspection, mortgage insurance, origination fees, property taxes and more)
• Negotiated construction/reconstruction items when acquiring home at loan closing

Eligibility Requirements

• Must be at least 18 years of age
• Must be a first time home buyer
• Must be employed and have proof of earned income (recent pay stub)
• Must successfully complete AAAH’s Homebuyer Education Class
• Must be income eligible (adjusted gross income must qualify for Earned Income Tax Credit or a member of your family must be eligible for participation in the TANF program)
• Must provide proof of 3 consecutive months of savings prior to enrollment (negotiable)
• Previous year tax return

For further information on the eligibility requirements or the application process, please contact Lakesha Wells-Reid aaahownership@yahoo.com or call 503-595-3517.

To download a flyer please click here