Individual Development Account (IDA)

Special matched savings accounts designed to assist individuals with low to moderate income on the path toward asset ownership through matched savings and financial education.

Participants in the IDA Program may save toward the following asset goals:

  • First home purchase
  • Post-secondary education
  • Startup or expansion of a small business

Assets IDA Accounts

This program is open to people in Tompkins and the adjacent counties. Participants can save up to $1,000 (maximum of $125 per month) for a match of 2:1. Up to $1,000 of savings are matched with $2,000 for a total of $3,000 to go towards the asset goal of homeownership, business start-up and expansion, or post-secondary education for yourself or a dependent.

Eligibility Requirements: You can apply for the Assets IDA program if your total household income does not exceed the income limits listed below. Your assets cannot exceed $10,000 excluding the value of one home and one car per household. Income limits are based on gross income. Income must be earned income.

Income chart

Based on gross income within Tompkins County. Income limits vary by county.

Number of members in household* Allowable income
1 $24,120
2 $32,480
3 $40,840
4 $49,200
5 $57,560
6 $65,920
7 $74,280
8 $82,640

*Add $9,620 for each additional member.

To obtain an application and required documents to apply for an IDA, click on the “Request Info” button.

The First Home Club IDA

This program is open to people in Tompkins and the adjacent counties. Participants will save $1,875 over the course of 10 to 21 months (maximum of $188 per month) which will be matched at a 4:1 ratio. Up to $1,875 of savings are matched with $7,500 for a total of $9,375 for a down-payment and closings costs for the purchase of a home. Eligibility is also contingent upon pre-qualification for a mortgage. Other exclusions may apply.

Income chart

For Tompkins County; other counties may vary.

Number of members in household Allowable income
1-2 $60,480
3 or more $69,552

To obtain an application and required documents to apply for an IDA, click on the “Request Info” button.

We also offer free pre-qualifying interviews and take the time to explain all aspects of the home buying process, different loan options, rates and terms. We work with you to determine which route to home ownership is best for your situation. One size does not fit all, and we make sure you are well informed as you move along the road to a new home. Learn more about our home mortgage loans.

Do you have any questions?