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5 <br />save a minimum of $50 per month that must come from earned income. The minimum <br />savings period will be six (6) months and the maximum/ideal savings period will be <br />twenty-four (24) months. In addition, participants will be counseled throughout the <br />program and especially after the purchase of their home that continued savings are <br />essential to deal with normal home and lawn maintenance and also far emergencies. <br />In the event of an emergency, participants may make only one (1) emergency <br />withdrawal and are required to inform the administrator of their intent to do so. <br />Savings contracts will be signed at the IDA Orientation. Participants will be required to <br />save for at least the minimum period of time (six months) and may be required by the <br />administrator to save more than the program minimum of $50 per month if planning on <br />purchasing their home sooner than the maximum eighteen month time period. For <br />example, a participant planning on purchasing a home within twelve months may be <br />required to save a minimum of $75 - $85 per month to ensure that they will meet their <br />savings goal. <br />A participant may be disqualified from the IDA program if the participant: <br />• Has an income that exceeds 80% of the median income <br />• Provides the program with false information <br />• Misses more than two (2) deposits in the course of the program <br />• Saves for fewer than six (6) months <br />• Saves less than $1000 in eighteen (18) months <br />• Deposits savings that do not come from qualified earned income <br />• Does not participate in financial counseling or home ownership workshops <br />• Makes more than one (1) withdrawal from IDA savings account <br />Program Schedule <br />Begin program implementation October 2005 <br />Complete program by September 30, 2007 <br />