Homeownership Production

- New Homes

- Self-Help

- SystemVision

- IDA Loan Pool

- Mortgages for First-Time Home Buyers

Home Repair and Rehabilitation

Supportive Housing Development

Rental Housing Production Program

Homelessness Prevention

Becoming a CHDO

Housing-Related Counseling

Fair housing

Resources and Recognition

IDA Loan Pool

The Individual Development Account (IDA) Loan Pool (IDALP) Pool offers gap financing and match for borrower savings to home buyers through local counseling agencies, community development corporations, and other nonprofit and governmental organizations that administer local IDA programs, provide home buyer counseling and education, and help coordinate financial assistance for buyers.  These organizations become eligible to reserve our financing on a household-by-household basis by becoming members of the IDA Loan Pool. Funding only comes through our Loan Pool Member partnerships and is only made available to homebuyers using the Agency’s FirstHome Mortgage program.

Interested organizations first seek Loan Pool Membership and approval of specific homeownership projects by completing the Application form. (For more information, see the Guidelines for Loan Pool Membership.) The Guidelines are updated from time to time and should become the Member’s working manual for learning about and then administering to all aspects of the Loan Pool Program.

Once approved as a Loan Pool Member, your organization serves as a liaison between our Agency and the home buyer, reserving IDA Loan Pool funds and submitting an application on the buyer's behalf.

IDA Loan Pool home buyers who borrow through the IDALP must be first-time homebuyers, and must also use the Agency's FirstHome Program for their first mortgage financing. They also must complete financial literacy, a home buyer education course, and in most cases, must also receive one-on-one home ownership counseling. Your organization can either offer the education or partner with a counseling organization in the community.

The amounts and types of IDA Loan Pool assistance available depend on the home being purchased. 

1. Gap financing is provided as an interest-free, deferred second mortgage up to $25,000 or 20% of purchase price, whichever is less.  The assistance is targeted to home buyers with incomes below 80% of the area median income.
2. Eligible homes may be in new subdivisions, scattered rural sites, comprehensive neighborhood revitalization areas, or strategic in-fill developments. The units can be new or existing units built after 1978 and with few maintenance concerns, unsold builder inventory, or reconstructed homes built to "like new" condition.
3. A dollar-for-dollar grant of $1,000 to match IDA borrowers’ savings.
4. To help cover costs associated with preparing the buyer, closing the loan, and related work, the Loan Pool Member is paid a fee of $1,000.
5. If the home being purchased is certified to meet certain advanced performance standards (health, safety, durability and energy efficiency), Loan Pool Members can receive a $4,000 incentive grant under the SystemVision™ home-performance guarantee option. Starting 2012, the SystemVision units will no longer automatically qualify under EnergyStar 3.0.  EnergyStar 3.0 has been added as the fifth green program option and units receiving certification will qualify for the incentive grant of $1,000.   
6. For homes that meet both SystemVision standards and any of five approved green-building standards, members are eligible for an additional incentive grant of $1,000.