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The Inclusive Economy
Michigan IDA Program Helps Family Save For Home
By Sean Luechtefeld on 03/11/2011 @ 12:00 PM
EDITOR’S NOTE: Last week, we received the 4th Quarterly Report for 2010 from MIDAP, the Michigan IDA Partnership. Included within the report was an IDA success story
Robert M. felt that it was time to be a homeowner. He said, “I’m tired of paying rent to someone else. There are so many more options.” Robert and his family were assisted with the goal of homeownership through Macomb County Community Services Agency’s (MCCSA) Individual Development Account (IDA) Program.
MCCSA’s IDA Program helps qualified families save money for a down payment on a home. After being accepted into the program, Robert made monthly contributions into an individual development account, a special bank account separate from other accounts. The $1,000 saved is matched at a 3:1 rate through MCCSA and used to the down payment and closing costs on the purchase of a first home in Macomb County. People enrolled in the program must also complete 39 hours of homebuyer and financial education seminars.
Robert’s fiancée found MCCSA’s IDA Program online. Robert had been renting a house for eight and a half years and felt the time was right to pursue homeownership.
Robert enrolled in the IDA Program in May 2009. He felt, “It’s well worth going through – the program is a good process for people who want to buy a home.”
He completed all program requirements and spent almost seven months looking at potential homes. The home Robert purchased is a 2,100 square foot, four-bedroom home located in Roseville. Closing is planned for January 2011.
Robert’s three young daughters are excited to each have their own bedrooms in the new home. He reported, “We don’t have to do anything after moving into the house. It’s ready for us to move in.”
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