An Individual Development Account (IDA) is a matched savings account that enables families to save towards the purchase of a home. ICCF offers these accounts to qualified individuals (based on availability at time of inquiry). Once a participant has saved $1,000 in their IDA, their savings is matched at a three-to-one rate, giving them $4,000 total towards the purchase of a home.
The ICCF IDA Program is for individuals or families who meet the following criteria:
- Resident of Kent County
- Potential participants must show proof of earned income that falls at or below 200% of the federal poverty level (see income limits below)
- Be able to save a minimum of $20 per month from earned income
- Has completed ICCF’s Introduction to Home Ownership OR Financial Capabilities class series
- Are able to save in the IDA program for at least 6 months
Income guidelines: Household size income for the previous 12 months cannot exceed:
| Family Size | Annual income |
|---|---|
| 1 | $24,280 or less |
| 2 | $32,920 or less |
| 3 | $41,560 or less |
| 4 | $50,200 or less |
| 5 | $58,840 or less |
| 6 | $67,480 or less |
| 7 | $76,120 or less |
| 8 | $84,760 or less |
| Additional amount per person after 8 | + $8,640 |
Guidelines are valid through January, 2019.
This program is now accepting new applications.
ICCF IDAs are provided with a grant from Heart of West Michigan United Way.