Get Rewarded ForSaving
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!
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
IDA Program - Get Ready, Get set, Go
Guidelines & Requirements
- Household income limits apply: Income must be less than the 200% Poverty of the current year Guidelines for Alaska
- You will need to be a first-time homebuyer
- You must have earned income (wages, paycheck, self-employment earnings, etc)
- You will complete 15 hours of homebuyer education
- You will make regular deposits into your IDA savings account on a monthly basis
- Grant is for the purchase of a home within the Cook Inlet Region footprint
- You can use your IDA funds to purchase a single family home, Condominium (AHFC or FHA approved project), or zero lot line.
IDA Basics
If you choose to participate in the IDA program you should apply at Cook Inlet Lending Center and meet all program requirements. Once enrolled in the program you will begin making monthly deposits into your IDA savings account at Wells Fargo Bank and Cook Inlet Lending Center will begin matching your savings.
The money you save in your IDA savings account is designed to be used to fund the purchase of a home and should be considered prior to enrollment in the program. Emergency withdrawals are allowed but under specific guidelines as generally you will not access your funds until you become a successful graduate and purchase your 1st home.
How To Apply
Download and complete an application here
Submit the following required documentation to Cook Inlet Lending Center with your application:
- Copies of last 2 months of pay stubs or letter of hire for all workers in your family (entire household income applies)
- Copy of previous 2 years of tax returns
- Copies of the previous 2 months bank statements for household members’ checking and savings accounts (for all household accounts including minors)
- Copy of the most recent retirement or investment account statement (if applicable)
- TANF benefit statement within 12 months(if applicable)
You may return your completed IDA application with the required documents in person, mail, fax or email:
Cook Inlet Lending Center/IDA
3510 Spenard Road, Suite 102
Anchorage, AK 99503
907-793-3079 Attention: IDA Coordinator
Homebuyer Education
Where Can I Complete My Homebuyer Education?
- Cook Inlet Lending Center - click here for class schedule
- Online FDIC Money Smart - click here for class schedule
- AHFC's Home Choice Class (8 hours and required) - click here for class schedule