This program has a fee of $199, $50 is due when you open your IDA account (not when you apply) and the remaining $149 is due when you make your first asset purchase and can be paid from your IDA account.
Applicant household earned income must not exceed 200% Poverty Level. Earned income means income from employment. This does not include income from child support, retirement contributions, social security, etc. If you aren't sure if you are within the income limits, submit an inquiry form and a financial coach will reach out to help you assess.
The $6000 from the Dream$avers IDA Matched Savings program may only be used towards the purchase of a vehicle or home, to make an essential home repair, or to further your education. There are requirements for each type of purchase.
The application process must be completed within 30-days. You will commit to participating in training, counseling, and education that will help with your success in purchasing your chosen asset. The length of time it takes to complete these requirements depends on your schedule and availability. Motivated participants are able to open and use their account within 1-2 months, while others may be shopping for a home and it may take up to 2-years. You'll work one-on-one with your coach/counselor to determine your timeframe.
No. The money you receive may only be used to purchase one of the listed options but does not need to be paid back.
