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Individual Development and Empowerment Account Program

Through the Individual Development and Empowerment Account (IDEA) Program, the Bank provides matching subsidies to lower-income households saving to buy a 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 or participate in a Family Self-Sufficiency (FSS) program through their local public housing authority.
 
Participating households must save for a minimum of 10 months, successfully complete a homebuyer counseling program, and find a home and qualify for a mortgage. The Bank then provides up to $15,000 in IDEA funds, matching up to $3 for every dollar saved by the homebuyer. The subsidy must be used only toward downpayment or closing costs in connection with the purchase of a home to be used as the homebuyer's primary residence.
 
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 Bank reviews all IDEA projects at the time of reservation of funds and monitors all IDEA projects at the time of disbursement to ensure the eligible use 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 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?
© 2000-2008 Federal Home Loan Bank of San Francisco
Federal Home Loan Bank of San Francisco

Individual Development and Empowerment Account Program

Through the Individual Development and Empowerment Account (IDEA) Program, the Bank provides matching subsidies to lower-income households saving to buy a 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 or participate in a Family Self-Sufficiency (FSS) program through their local public housing authority.
 
Participating households must save for a minimum of 10 months, successfully complete a homebuyer counseling program, and find a home and qualify for a mortgage. The Bank then provides up to $15,000 in IDEA funds, matching up to $3 for every dollar saved by the homebuyer. The subsidy must be used only toward downpayment or closing costs in connection with the purchase of a home to be used as the homebuyer's primary residence.
 
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 Bank reviews all IDEA projects at the time of reservation of funds and monitors all IDEA projects at the time of disbursement to ensure the eligible use 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 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?


© 2000-2008 Federal Home Loan Bank of San Francisco