 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
|
 |
|
|
|
|
|
|
Individual Development and Empowerment Account (IDEA) Program
The Individual Development and Empowerment Account (IDEA) Program provides matching grants to lower-income households saving to buy their first home.
The IDEA Program serves families and individuals earning up to 80% of area median income. Participating households must be enrolled in an Individual Development Account (IDA) program, participate in a Family Self-Sufficiency (FSS) program through their local public housing authority, or participate in a lease-to-own program administered by a nonprofit organization or government entity.
- Only Bank members may submit applications.
- Participating households must save for a minimum of 10 months with an IDA or FSS program or for a minimum of three years under a lease-to-own program, successfully complete a homebuyer counseling program, and find a home and qualify for a mortgage.
- Under the IDEA Program, the Bank will provide up to $15,000 per household, matching up to $3 for every dollar saved by the homebuyer toward the purchase of a home.
The IDEA Program can complement or supplement a variety of state, local, and federal homeownership programs, including CalHFA, NSP, and FHA programs.
More Information
The AHP Implementation Plan (PDF) explains the Bank's guidelines for this homeownership set-aside program. Participation in the IDEA Program requires compliance with all of IDEA's policies, procedures, regulations, and obligations. Noncompliance may subject awards to cancellation and/or repayment of IDEA funds.
The AHP regulation requires that AHP-assisted owner-occupied units be subject to a deed restriction or other legally enforceable retention agreement. The sample AHP Promissory Note (.doc) and Rider to Deed of Trust (.doc) for the Homeownership Set-Aside Programs (IDEA and WISH) may be used to prepare the AHP retention documents. These forms are provided only as guides when preparing a note and rider to the deed of trust for owner-occupied units. These documents address the minimum retention requirements of the AHP Regulation only. The rider is a document designed to be attached to a member's deed of trust and recorded with the deed of trust. The Federal Home Loan Bank of San Francisco makes no representation or warranty that a court will enforce these form documents in accordance with applicable state law. We strongly recommend that each member have its legal counsel review the documents to address any state law requirements, including but not limited to consumer credit laws, notary requirements, usury laws, recording procedures and requirements, and requirements for mortgage states. The final note and rider to the deed of trust must meet the requirements of your jurisdiction.
For Consumers
Are you a consumer looking for homeownership opportunities?
|
|
|
|
|
|
Individual Development and Empowerment Account (IDEA) Program
The Individual Development and Empowerment Account (IDEA) Program provides matching grants to lower-income households saving to buy their first home.
The IDEA Program serves families and individuals earning up to 80% of area median income. Participating households must be enrolled in an Individual Development Account (IDA) program, participate in a Family Self-Sufficiency (FSS) program through their local public housing authority, or participate in a lease-to-own program administered by a nonprofit organization or government entity.
- Only Bank members may submit applications.
- Participating households must save for a minimum of 10 months with an IDA or FSS program or for a minimum of three years under a lease-to-own program, successfully complete a homebuyer counseling program, and find a home and qualify for a mortgage.
- Under the IDEA Program, the Bank will provide up to $15,000 per household, matching up to $3 for every dollar saved by the homebuyer toward the purchase of a home.
The IDEA Program can complement or supplement a variety of state, local, and federal homeownership
programs, including
CalHFA,
NSP, and
FHA programs.
More Information
The
AHP Implementation Plan (PDF) explains the Bank's guidelines for this homeownership set-aside program. Participation in the IDEA Program requires compliance with all of IDEA's policies, procedures, regulations, and obligations. Noncompliance may subject awards to cancellation and/or repayment of IDEA funds.
The AHP regulation requires that AHP-assisted owner-occupied units be subject to a deed restriction or other legally enforceable retention agreement. The sample
AHP Promissory Note (.doc) and
Rider to Deed of Trust (.doc) for the Homeownership Set-Aside Programs (IDEA and WISH) may be used to prepare the AHP retention documents. These forms are provided only as guides when preparing a note and rider to the deed of trust for owner-occupied units. These documents address the minimum retention requirements of the AHP Regulation only. The rider is a document designed to be attached to a member's deed of trust and recorded with the deed of trust. The Federal Home Loan Bank of San Francisco makes no representation or warranty that a court will enforce these form documents in accordance with applicable state law. We strongly recommend that each member have its legal counsel review the documents to address any state law requirements, including but not limited to consumer credit laws, notary requirements, usury laws, recording procedures and requirements, and requirements for mortgage states. The final note and rider to the deed of trust must meet the requirements of your jurisdiction.
For Consumers
Are you a consumer looking for
homeownership opportunities?
© 2000-2012 Federal Home Loan Bank of San Francisco
