Do I qualify for a Homeowner Matched Savings Account?

Do you meet the Income Guidelines?

You must meet one of the following requirements:

• I am/we are eligible for TANF, Temporary Assistance to Needy Families.
  (OR)

• I/we qualified for an Earned Income Tax Credit on my/our most recent tax return
  (OR)

• My family/my income is within the limit as described on the chart below.

Are you a first-time homebuyer?

You may not have owned a home in the past three years.

Your household net worth must be less than $10,000.

Net worth is what you own (your assets) minus what you owe (your debts). When calculating your household net worth for this program, you can exclude the value of one car.

Can you save at least $20 per month?

This program requires a commitment to saving.

Will you attend a homeownership class?

Education on personal finances and on homeownership is an important part of this program. Classes prepare participants to make wise financial decisions and to take on the responsibilities of homeownership.

The money you put into your IDA must be from earned income.

You must be able to show that you have a job, or show receipts from income earned informally.

Where would you like to purchase a home?

This program assists people purchasing a home in the city of Syracuse.

Will you live in the home?

The Homeowner IDA is only for people who will live in the home that they purchase. It must be a 1 or 2 family residence.

If you have questions, or you think you qualify and would like to sign up, please contact Christina at (315) 471-1116 ext. 250.