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Real Life Stories
 Profile: IDEA Program Helps Single Mom Become Homeowner
Product: The Individual Development and Empowerment Account (IDEA) Program provides grants of up to $10,000 for downpayment and closing costs, with a 3-to-1 match for every dollar saved by the homebuyers.
Partners: National Bank of Arizona and City of Mesa Housing Services
Monica Mims had a very specific goal in mind. She wanted a 3-bedroom, 2-bathroom home with a backyard – not a patio. Monica, a single mom and a self-described workaholic, had been employed since she was 16. For six years, she had received rental assistance through the U. S. Department of Housing and Urban Development’s (HUD) Housing Choice Voucher Program (Section 8), which worked closely with the City of Mesa Housing Services. From day one in the program, Monica was clear that her ultimate goal was to purchase a home. Her advocate at Mesa Housing Services told her to be patient and stay the course because there might be something in the pipeline.
In 2002, National Bank of Arizona received a Federal Home Loan Bank of San Francisco IDEA Program award for the City of Mesa Housing Services’ Family Self-Sufficiency (FSS) Program. Having accumulated more than $3,400 in her FSS escrow account, Monica was eligible for the maximum $10,000 IDEA grant. She was able to further leverage her purchasing power by taking advantage of HUD’s Section 8 Homeownership Program. Having already participated in two years of homeownership education and counseling, Monica was able to use her Section 8 subsidy for a mortgage rather than rent. Thirty percent of her income went toward housing expense, and the housing authority sent housing assistance payments directly to Monica’s lender.
Today as the proud owner of a 3-bedroom, 2-bathroom home — with a backyard – Monica can offer her nine-year-old son things she couldn’t provide before: an extra room so his friends can sleep over, a backyard where they can play, and a place for him to plant flowers and trees. "I’m happy. I’m at home," she beams. "That’s all I ever wanted: a home for my son and me."
March 2004
Back to Real Life Stories
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Real Life Stories
Profile: IDEA Program Helps Single Mom Become Homeowner
Product: The Individual Development and Empowerment Account (IDEA) Program provides grants of up to $10,000 for downpayment and closing costs, with a 3-to-1 match for every dollar saved by the homebuyers.
Partners: National Bank of Arizona and City of Mesa Housing Services
Monica Mims had a very specific goal in mind. She wanted a 3-bedroom, 2-bathroom home with a backyard – not a patio. Monica, a single mom and a self-described workaholic, had been employed since she was 16. For six years, she had received rental assistance through the U. S. Department of Housing and Urban Development’s (HUD) Housing Choice Voucher Program (Section 8), which worked closely with the City of Mesa Housing Services. From day one in the program, Monica was clear that her ultimate goal was to purchase a home. Her advocate at Mesa Housing Services told her to be patient and stay the course because there might be something in the pipeline.
In 2002, National Bank of Arizona received a Federal Home Loan Bank of San Francisco IDEA Program award for the City of Mesa Housing Services’ Family Self-Sufficiency (FSS) Program. Having accumulated more than $3,400 in her FSS escrow account, Monica was eligible for the maximum $10,000 IDEA grant. She was able to further leverage her purchasing power by taking advantage of HUD’s Section 8 Homeownership Program. Having already participated in two years of homeownership education and counseling, Monica was able to use her Section 8 subsidy for a mortgage rather than rent. Thirty percent of her income went toward housing expense, and the housing authority sent housing assistance payments directly to Monica’s lender.
Today as the proud owner of a 3-bedroom, 2-bathroom home — with a backyard – Monica can offer her nine-year-old son things she couldn’t provide before: an extra room so his friends can sleep over, a backyard where they can play, and a place for him to plant flowers and trees. "I’m happy. I’m at home," she beams. "That’s all I ever wanted: a home for my son and me."
March 2004
Back to Real Life Stories
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