Individual Development Account (IDA)

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 four-to-one rate, giving them $5,000 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
  • Be able to save a minimum of $30 per month from earned income
  • Has completed or will complete ICCF’s Introduction to Homeownership class before closing on a home
  • Are able to save in the IDA program for at least 6 months
  • Potential participants must fall at or below 100% of Area Median Income (see income limits below)
  • Has less than $35,000 in assets

The first step toward participating in Housing Counseling and determining your eligibility for IDA is taking an Introduction to Homeownership Class.

To learn more about the IDA Program, contact Jenni Lewis at jlewis@iccf.org or 616.336.9333 x 300.

Income guidelines: Household size income for the previous 12 months cannot exceed:

Family Size Income Level Family Size Income Level Family Size Income Level
1 $56,000 4 $80,000 7 $99,200
2 $64,000 5 $86,400 8 $105,600
3 $72,000 6 $92,800

Guidelines are valid through April 2022.

ICCF IDAs are provided with a grant from Heart of West Michigan United Way.

WordPress Lightbox
Loading...