Individual Development Account Program
Saving can make the homeownership dream come true
Program helps you accrue needed funds
PHA’s Individual Development Account Program is a new way to help residents achieve the dream of owning their own home.
Participants sign up for an Individual Development Account (IDA), which is a special escrow savings account designed to help people with low or modest incomes save up for a major, lifelong asset such as a home. For every dollar saved in an IDA, account holders receive a corresponding match which serves as both a reward and an incentive to continue saving.
Participants must agree to complete financial education classes and use their savings toward the purchase of a home. In addition to earning match dollars, participants learn about budgeting, saving and receive additional training before purchasing their home. IDAs make it possible for individuals and families to build the financial assets they need to achieve homeownership.
To learn more about the Individual Development Account Program, please call 215-684-8926.