Home Ownership and Individual Development Accounts

As I went through Tri-Centennial Village located in the wedge between I-96 and Michigan Ave -- not too terribly far from the Old Tiger Stadium ---you see a rebirth taking place despite the great odds.

Over the past few years, Habitat for Humanity has partnered with many to bring forward nearly 100 new homes for low-income individuals. As a matter of fact, this is where just last year former President Jimmy Carter came to work for a couple of days. You have homes in the area in dire need of demolition or renovation. Yet, you have a neighborhood emerging with new two, three and four bedroom homes being built to move families into a stable home. For all, this is the first opportunity to own what every American dreams of --- a home.

On the walk through, I asked how many of the homeowners used an IDA (Individual Development Account) to get themselves into the house. The response was 80%.

For those who may not know, IDAs make it possible for low-income individuals and families to purchase a first home, start a business, or pay for college or vocational training.

How does that happen?

For example, the IDA program run by United Way works with area agencies that encourage individuals to save money, manage the asset responsibly ---- and in return have the contribution matched.

To participate in the program, individuals must meet income guidelines and agree to save at least $28 per month earned from employment in a designated savings account.

Research tells us when individuals/families own homes---many aspects of life improve--- school performance, health, reduction in violence...

The IDA is one way United Way takes the dollars entrusted to it and leverage those resources to ensure a better future. If you would like to learn more about Tri-Centennial Village or the IDA program, just click on United Way for Southeastern Michigan or Habitat for Humanity