Program overview

The United Way Individual Development Account (IDA) for Homeownership program is a matched savings account program designed to provide financial education, promote citizen involvement and foster asset accumulation for low-to-moderate-income households seeking to purchase their first home. Once enrolled in the program, United Way IDA for Homeownership participants save money over a defined period of time—6–24 months —while simultaneously attending financial literacy classes where they learn saving strategies, address credit or debt issues, and discuss what it means to be a responsible homeowner.

The United Way IDA for Homeownership program was developed in 1997 in partnership with various community-based organizations, financial institutions and educational organizations. Revitalization efforts in specific communities are bolstered by the asset-building strategy of the United Way IDA for Homeownership program. The program not only provides the economic literacy education and financial incentive that are prerequisites for purchasing a home, but also encourages participants to increase personal ownership of their community.

The United Way IDA for Homeownership program provides individuals and families with the education, support and encouragement needed to make homeownership a reality.

United Way administers the Arthur M. Blank Family Foundation’s IDA program. After reaching the IDA savings goal, IDA participants are eligible for a match of 5:1 (up to a certain amount), including a $1,500 emergency reserve fund to be applied toward the principal on the mortgage if not used within two years of ownership.

Blank IDA
program details (pdf)
To qualify, applicants must 1) be a family with at least one child 5 years of age or younger, 2) cannot have owned property within the last three years, 3) currently live within DeKalb or Fulton county, but may purchase anywhere within the 13 county metro area, and 4) have a combined household annual income that lies between 100% and 200% of poverty (as determined by the U.S. Department of Health and Human Services). Approved IDA participants are required to complete a six-week financial literacy course and attend two subsequent monthly community engagement workshops.
Match 5:1 (participant saves $1,000, we match with $5,000)


For program information, contact:
Tia McCoy
Homeownership Center Manager
RRC
404.525.4130 ext 15
tia.mccoy@rrc-atl.org