IDA Match Savings Program
Matching Funds for First-Time Homebuyers
[Oregon Residents Only]
The African American Alliance for Homeownership’s Individual Development Account Program
Please note: Currently the availability of funds is limited to AAAH program participants only
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.
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
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
Must be at least 18 years of age
Must be a first time home buyer
Must be employed and have proof of earned income (2 Months most recent pay stubs)
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