An Individual Development Account or IDA is a savings account restricted for a particular purpose. In this case the purpose is home ownership.
The IDA offers income eligible families or persons a special incentive to save for a home in the from of a matching grant. The matching funds are provided by the Federal Home Loan Bank of New York and the Camden County Community Development Office.
Our program offers access to three different programs. Two of them offer a $3.00 matching grant for every $1.00 saved, up to a maximum match of $5,000 in grant money. The third program offers $6.00 for each $1.00 saved, up to a maximum match of $10,000.
Example: If you save $1,666.67 you would get $5,000 in grant money plus your savings for a total of $6,666.67 to be used toward the purchase of your home.
These programs are open to all MRI graduates who meet the income requirement. See MRI link for more information.