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
- Must be Alaska Native and/or American Indian
- 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 deposits into your IDA savings account on a monthly basis
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 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 application here
Submit the following required documentation to Cook Inlet Lending Center with your 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
After all documents are collected, submit documents with your IDA application completed/signed and dated in person, by mail, email or fax to CILC:
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
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