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Individual Development Accounts (IDA)
Individual Development Accounts (IDA) are savings accounts that enable individuals who earn modest wages to save money for a home purchase. Participants who reach a savings goal can benefit from matching funds to then apply towards the down payment of a home. IDA participants evaluate personal credit reports and works towards strengthening credit scores, develop and follow household budgets, participate in education forums and enjoy one to one counseling where desired.
Contact Renate Houser, IDA Program Coordinator by email or by phone (907) 793-3725.
How It Works
Participants save a minimum of $1,000 over a minimum six month period (or up to 2 years maximum). Successful participants who save $1,000 will receive matching funds of $4,000 from Cook Inlet Lending Center, for a total of $5,000 toward the down payment for a home purchase.
IDA participants are required to complete 15 hours of home buyer education offered through Cook Inlet Lending Center and our partners at Alaska Housing Finance Corporation
Reside in the Municipality of Anchorage, Matanuska-Susitna Borough or Kenai Peninsula Borough (excluding Seward).
1st time homebuyer (as defined by Alaska Housing Finance Corporation -AHFC)
Have earned income: full-time, part-time, or self-employment
Have a net worth less than $10,000, not including a primary dwelling and one vehicle.
Be income eligible one of these three ways: (a.) Be eligible for or a recipient of TANF or (b.) Be eligible for the Earned Income Credit on your taxes or (c.) Income of less than 200% of Poverty Income Guidelines.
Home$tart and Home$tart Plus promote homeownership by helping homebuyers earning up to 80 percent of area median income, adjusted for family size, purchase a home. The program assists Home$tart or Home$tart Plus eligible households, who, but for the receipt of Home$tart Program subsidy, would not be able to afford to purchase or rehabilitate a home. For additional information about Home$tart and Homea$tart Plus please contact us.