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 or
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 towards 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.