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Save the Date! Housing Fair 4/24/2010
 

Matched Savings Accounts (IDA)

Learn how you can double or triple your savings for a future home purchase or small business with an Individual Development Account (IDA). Participants in the can earn up to $4 for every $1 you save in a qualified account - up to $7,500 thanks to the Federal Home Loan Bank's "First Home Club".

bulletTo Get Started:
bulletAttend the next Homebuyer 101 orientation. Click here for schedule.
bulletFill out program registration and related forms:
 

First Home Club Forms

  MSWord Format PDF Format
Registration Form   Registration Form Registration Form
Enrollment Terms & Conditions   Terms & Conditions Terms & Conditions
Counseling Fee Disclosure   n/a Counseling Fee Disclosure
Child Support Statement   n/a Child Support Statement
Application Checklist   Application Checklist Application Checklist

 

bulletEligibility - To be eligible for the matched savings program, applicants must:
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Earn less than the maximum annual household income:
 

Household Size Maximum Gross Annual Income

(2009 Mortgage Revenue Bond Limits)

1-2 Persons $59,280
3+ Persons $68,172

 
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Be approved (with our help!) by a participating bank or credit union.

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Save at least $20 per month over at least ten months in a qualified account.

 

bulletMoney Management Workshops - Once you're enrolled in the program, you'll attend money management classes and training specific to your goal.
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Register online for money management classes.

 

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Partners - The matched savings program is offered in collaboration with nonprofit service providers, the Federal Home Loan Bank of New York's First Home Clubsm and area lenders.
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Small business expertise is provided by:
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Capital District Community Loan Fund (CDCLF)

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Homebuyer education is provided by:
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Affordable Housing Partnership (AHP)

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TRIP NeighborWorks® Homeownership Center

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Better Neighborhoods Inc. (BNI)

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Albany County Rural Housing Alliance (ACRHA)

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Participating banks and credit unions include:
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NBT Bank

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HSBC

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M&T Bank

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SEFCU

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First Niagara

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Pioneer Savings Bank

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A similar program is available through Citizens Bank and the Federal Home Loan Bank of Pittsburgh. Click here for details.

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Affordable Housing Partnershipbullet255 Orange St.bulletAlbany, NY 12210bullet518.434.1730

Site last updated: March 2, 2010