Individual Development Accounts (IDA)

Individual Development Accounts (IDA) is sponsored by Westchester Residential Opportunities (WRO) or a participating bank. WRO offers Individual Development Accounts (IDA) as another way of saving money to buy a home.

Down Payment and Closing Cost Assistance Improving Transportation for the Aging Population Study Take the Survey . For more information, view the press release . Down Payment and Closing Cost Assistance Several financial programs exist that can help you purchase a home through down payment grants and matched savings programs.

They can also provide home improvement assistance. Westchester Residential Opportunities (WRO) 470 Mamaroneck Avenue – Suite 410 White Plains, New York 10605 WRO, founded in 1968, is a strong advocate for housing opportunities for low- and moderate-income people, minorities, senior citizens and the mentally disabled. WRO is a HUD-certified housing counseling agency, a licensed real estate broker and a United Way agency.

WRO’s housing services are free and funded by government grants, private donors and corporate support. Financial assistance includes the following: The First Home Club – This provides a 3-to-1 match to help build savings for a down payment and closing costs. Members who save on a consistent basis can qualify for matching funds of up to $5,000 from a participating bank.

Club members are required to receive 8-10 hours of individual and group home buying counseling. Individual Development Accounts – From time to time, WRO offers Individual Development Accounts (IDA), another way of saving money to buy a home. WRO or a participating bank may match funds saved by the individual.

Financial literacy training as well as homebuying counseling are required. One-to-one homebuyer counseling for first time home buyers. Community Housing Innovations, Inc. 75 South Broadway, Suite 340 White Plains, New York 10601 E-mail : This email address is being protected from spambots.

You need JavaScript enabled to view it. CHI provides housing and human services to low- and moderate-income families and individuals. Since it was founded in 1991, CHI has provided housing and human services to thousands of families and individuals.

CHI has developed 25 projects and manages nearly 500 housing units in Westchester, the Hudson Valley and Long Island. CHI offers the following homeownership assistance programs: First Home Club – This offers up to $5,000 in down payment assistance to first-time home buyers. Participants save towards their down payment and/or closing costs while receiving matching funds.

For every dollar that participants save, the sponsoring bank will give a match of $3 in grant funds, up to a maximum of $5,000. Participants need to save $1,667 to receive the full grant of $5,000 which would be added to the deposits for a total of $6,667. 00.

Participants are required to remain in the program for at least 10 months and must also attend a financial literacy educational class learn about the homebuying process. First Home Club is administered by WRO. Westchester County Home Ownership Initiative – This program provides $25,000 to income-eligible first-time homebuyers who are purchasing a house, condominiums or cooperative within Westchester County.

Gross household income must be at or below 80 percent of area medium income based on size of household. The owner must occupy the property for years in order to keep the assistance. If the owner moves out of the property or sells, or violates the mortgage terms then all of a portion of the assistance will have to be repaid.

Hudson Valley Home Ownership and Revitalization – This program offers first-time homebuyers purchasing a property in Westchester or the Hudson Valley $25,000 in program funds for the acquisition and renovation of an identified property. Income limits are 80 percent of average median income for the area you wish to purchase your home.

The assistance is in the form of a forgivable loan, which can be recaptured if the loan recipient does not occupy the property for 10 years. A minimum of 51 percent of the $25,000 -- $12,750 -- must be used for renovation of the property.

“Repairs” of the home are defined as those that will prolong the useful life of a home or shall correct structural defects or the repair of basic building systems that threaten the health and safety of the dwelling’s residents if not corrected or repaired. Human Development Services of Westchester (HDSW) is a HUD-Approved Housing Counseling Agency serving Westchester County.

It is also the designated Neighborhood Preservation Company (NPC) for the Village of Port Chester, with the goals of increasing and preserving affordable housing, and neighborhood stabilization, for village residents. The First Home Club – This provides a 4-to-1 match to help build savings for a down payment and closing costs.

Members who save on a consistent basis can qualify for matching funds of up to $7,500 from a participating bank. Club members are required to receive 8-10 hours of individual and group home buying counseling. One-to-one homebuyer counseling for first time home buyers – Confidential counseling is available to review current financial situation, go over credit reports, and develop the best possible strategy to afford a home within budget.

Human Development Services of Westchester (HDSW) Neighborhood Preservation Company Program Port Chester, New York 10573 E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.