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Individual Development Account

Get Rewarded For Saving

What is the Individual Development Account?

The Individual Development Account (IDA) program is designed to help low to very low income households to develop personal money management skills.  Cook Inlet Lending Center helps our participants to develop a savings plan with the incentive of receiving 4 to 1 in match dollars. You will save $1000 over a minimum of 6 months up to 2 years and will be rewarded with $4000 which can be used towards your down payment or closing costs when purchasing a home within the Cook Inlet Region footprint.   You are earning a 400% return on your savings!   That’s simply amazing!

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Am I Eligible?

Cook Inlet Lending Center will help you to determine if you are eligible for the IDA program. Our IDA Coordinator will help guide you through the process and help you understand the requirements.  Schedule a meeting today with our IDA Coordinator, Renate Houser by phone 907.793.3725 or email rhouser@cookinletlending.com

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IDA Program - Get Ready, Get set, Go

Guidelines & Requirements

  • Must be Alaska Native and/or American Indian
  • Must be a 1st Time Homebuyer (as defined by AHFC/ have not owned a home for the past three years)
  • Must have earned income and/or pension, SSC income
  • Must be at or below Income Limits
  • Must complete 15 hours of homebuyer education
  • Must make regular, monthly deposits into your IDA savings account
Guidelines

IDA Basics

If you qualify to participate in the ANAI-IDA program at Cook Inlet Lending Center, you will begin making monthly deposits into your IDA savings account at Wells Fargo Bank and Cook Inlet Lending Center will match your savings.

The money you save in your IDA savings account is designed to be used towards the purchase of a home–please keep this in mind when enrolling for the program. While emergency withdrawals are allowed under specific guidelines, generally you will not be able to access your funds until you successfully graduate from the program and purchase your 1st home.

How Does It Work?

How To Apply

Download and complete application here

Submit the following required documentation to Cook Inlet Lending Center with your completed and signed application:

  • Tribal Enrollment Card and/or Shareholder Certification
  • Most recent tax returns for 2 years
  • Most recent W-2’s and/or 1099’s
  • Most recent 3 months complete bank account statements
  • One month of pay stubs
  • State ID &/or Driver’s License

Please submit your application and documents via mail, email, fax, or in person at the CILC office:

Address:
Cook Inlet Lending Center/IDA
3600 Spenard Road, Suite 100
Anchorage, AK 99503

Email: rhouser@cookinletlending.com

Fax: 907-793-3079 Attention: IDA Coordinator

How To Apply

Homebuyer Education

Where Can I Complete My Homebuyer Education?

  • Online FDIC Money Smart - click here for class schedule
  • AHFC's Home Choice Class (8 hours and required) - click here for class schedule
Homebuyer Education

RESOURCES

  • Mortgage Calculator

  • Free Consultation

  • FAQs

  • HUD 184

  • Down Payment Assistance

  • Legal Disclaimers

PARTNERS

CONNECT WITH US

info@cookinletlending.com

3600 Spenard Road, Suite 100
Anchorage, Ak 99503

907.793.3058

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