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5 <br /> and the IDA participants please see attached protocols for IDA Accounts Set-up and <br /> Management. <br /> Participants will be required to save a full $1000 during the course of the IDA program. <br /> Savings account will be opened with a minimum $50 initial deposit and participants will <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 /> eighteen (18) 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 for 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 September 2002 <br /> Complete program by June 30, 2004 <br />