Agenda - 09-23-2002 - 1 - Laserfiche WebLink

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ORANGE COUNTY INDIVIDUAL DEVELOPMENT ACCOUNT PROGRAM Overview MISSION: The mission of the Individual Development Account(IDA)Program is to foster housing opportunities for the low wealth residents of Orange County in central North Carolina. Purpose of IDA Program: The purpose of the IDA program is to provide increased opportunity for homeownership for low wealth residents of Orange County through: • Providing an incentive for participants to develop personal savings habits and improve economic literacy; and • Providing an incentive for families who are currently capable of beginning to save personal dollars for homeownership. Goal of IDA Program: The goal of the Orange County IDA Program is to assist 20 families within Orange County to attain homeownership by June 30,2004. IDA Program Design: Participation in the IDA program will only be open to individuals/families with earned income at or below 80%of Orange County's median income with the intention of purchasing a first home in Orange County,but outside Chapel Hill city limits. Participant personal savings will be matched on a two to one basis with grant funds available through a Community Development Block Grant(CDBG) from the NC Department of Commerce. The personal savings amount will be equal to $1,000 per family;matching funds shall be$2,000. Participant savings shall be forwarded to Central Carolina Bank on a monthly basis for deposit in interest-bearing individual savings accounts. Participant savings amounts,plus earned interest and IDA matching dollars will be disbursed to the appropriate vendor(s)upon attainment of the savings goal of$1000 and submission of invoice for approved purpose. FAMILY SIZE 1 PERSON 2 PERSON 3 PERSON 4 PERSON INCOME LIMIT $38,100 $43,500 $48,950 $54,400 FAMILY SIZE 5 PERSON 6 PERSON 7 PERSON 8 PERSON INCOME LIMIT $58,750 $63,100 $67,450 $71,800 IDA Program Contract: All families selected for participation will be required to complete an application for participation in the program and to sign a program contract setting forth the terms and conditions for the program. The contract shall be signed by the family members in whose name the IDA account is held. IDA Program Administration: The Program Coordinator of Consumer Credit Counseling Services (CCCS) at The Women's Center shall administer the program in collaboration with the Orange County Housing and Community Development Department. Program participants will be chosen from referrals from local housing non-profit agencies.