Individual Development Accounts
Earn a 3-to-1 match on the money you save toward buying a home. Save $5,000 and receive $15,000. In some cases the maximum match amount may even be higher.
Program eligibility requirements include:
- Participants must enroll in Newtown's Homebuyer Assistance Program and then open a "no fee" savings account with a participating financial institution.
- Must be 18 years old or older and purchase your home in Tempe.
- Be a first time homebuyer - defined as one of the following:
- Someone who has not owned a home during the previous three years, or
- A single parent or displaced homemaker who has only owned with a former spouse while married, or
- Someone who has only owned a mobile home, or
- Someone who has only owned a substandard property that cannot be repaired for less than the cost of constructing a new permanent
structure.
- Money saved must be from earned income and participants are required to save for a minimum of 10 months. Note: in some cases participants may save for less than 10 months (depends on funding source and availability).
- Participants must complete an approved homebuyer education class.
- Gross (before taxes) annual household income adjusted for family size cannot exceed the following limits (e.g., a family of 4 cannot earn more than $51,350):
| Family Size | 1 Person | 2 Persons | 3 Persons | 4 Persons | 5 Persons | 6 Persons |
| Income | $35,950 | $41,100 | $46,200 | $51,350 | $55,450 | $59,550 |
FY 2008 Maricopa County Area Median Income
- IDA match funds are a forgivable loan.
To enroll in Newtown's IDA Program call
(480) 517-1589
Newtown provides accessibility, participation, services and employment for all eligible persons regardless of race, color, religion, sex, handicap, familial status or national origin. Reasonable accomodations will be made upon request.
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