Home
Up


Energy Efficiency


 

 

Matched Savings Accounts (IDA)

Learn how you can double or quadruple 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   n/a Application Checklist

 

bulletEligibility - To be eligible for the matched savings program, applicants must:
bullet

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

 
bullet

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

bullet

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.
bullet

Register online for money management classes.

 

bullet

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.
bullet

Small business expertise is provided by:
bullet

Community Loan Fund of the Capital Region

bullet

Homebuyer education is provided by:
bullet

Affordable Housing Partnership (AHP)

bullet

TRIP NeighborWorks® Homeownership Center

bullet

Better Neighborhoods Inc. (BNI)

bullet

Albany County Rural Housing Alliance (ACRHA)

bullet

Participating banks and credit unions include:
bullet

NBT Bank

bullet

HSBC

bullet

M&T Bank

bullet

SEFCU

bullet

First Niagara

bullet

Pioneer Savings Bank

bullet

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


[Site Contents] [Directions] [Feedback]

Affordable Housing Partnershipbullet255 Orange StreetbulletAlbany, NY 12210bullet518.434.1730

Site updated: February 2, 2012