Individual Development Accounts (IDA)

Receive a 3-to-1 match, up to $15,000, towards the purchase of your first home.

  • Save $5,000 to receive $15,000 IDA match funds for down payment and closing costs.
  • Must be a first-time homebuyer (haven’t owned a home in the past 3 years).
  • Must be your primary residence located in Maricopa County.
  • The IDA match funds are provided through the Federal Home Loan Bank of San Francisco’s IDEA / WISH programs.
  • The funds are secured by a 5-year Retention Agreement (a recorded lien, but not a mortgage lien).
  • Homebuyer agrees home will be owner-occupied and his or her principal residence for five (5) years.  After 5 years the lien is released.
  • If the home is no longer owner-occupied and a principal residence, the homebuyer will have to repay part of the IDA match funds (on a pro-rated basis).
  • IDA match funds can be used (layered) with a number of other programs (Tempe CAMP, Community Land Trust, and others). 

Newtown has helped first time homebuyers receive over $6.5 million in IDA match funds (since 2001)

How to get started:

  1. Find out if you meet the program’s Income Requirements.
  2. Review General Eligibility and Program Requirements.
  3. Complete and Submit an application.

 

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