Services: IDA Program
Macthing Funds for First-Time Homebuyers
[Oregon 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!!!!!
up to $12,000 Total Amount
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 Ardelia Gipson (DeeDee) ardelia@aaah.org or call 503-595-3517.
The IDA Tax Credit
All donors & supporters, please help us continue providing IDA's & receive a tax credit!
Click here to donate to the Oregon Individual Development Account Initiative ->
