Wabash County Habitat for Humanity Launches Program to Help New Homeowners with Down Payments

Collaboration with Indiana Housing and Community Development Authority the First of Its Kind in Indiana

WABASH, IND. – Wabash County Habitat for Humanity is now the first Habitat for Humanity in Indiana to become an administrator for Individual Development Accounts (“IDAs”).

The partnership the Indiana Housing and Community Development Authority will provide future homeowners additional resources to help them save for down payments.  Through matched savings incentives and financial education, the IDA program will assist low-moderate income Hoosiers in attaining their goal of home ownership.

“Increasing income alone is not enough for individuals to break trends of generational poverty,” said Maggie Wimberly, Executive Director of Wabash County Habitat for Humanity.  “The IDA program focuses on asset building as a key component towards family and self-sufficiency.”

Participants in the IDA program are eligible to receive up to $4,000 in state and federal matched funds towards one of the eligible assets.  Locally, participants also receive one-on-one counseling and twenty hours of financial education covering topics such as budgeting, savings, credit, banking, taxes, and other money management strategies.

Qualified participants set savings goals and make regular savings deposits.  Every dollar they save is matched, at a minimum for $4 for every $1 saved, to help them reach their goals so they can purchase a primary residence located in Indiana, expand a small business located in Indiana, obtain education job training, make essential repairs to owner-occupied housing, purchase a vehicle for employment, education, or job training purposes.

“The IDA program is a natural fit with Habitat’s program for homeownership,” said Wimberly.  The partner families are already going to receive the necessary training just by virtue of being a partner family.  This fusion of State and Federal dollars combined with homeowner’s dollars will help Habitat for Humanity which finances the homes that they build to eliminate substandard housing in Wabash County.”

Applications to become a homeowner will be open September 1 through October 31.  For more information on Wabash County Habitat for Humanity, visitwabashhabitat.org or call 260-563-9188.  Like us on Facebook.com/WabashCountyHabitat to stay updated on anniversary celebrations!

About Wabash County Habitat for Humanity

Wabash County Habitat for Humanity is an affiliate of Habitat for Humanity International, an ecumenical Christian ministry that welcomes all people dedicated to the cause of eliminating poverty and substandard housing worldwide. We build or renovate simple, decent affordable housing for people in need, who purchase the homes through a no profit mortgage. The homeowners’ monthly mortgage payments are recycled into a revolving Fund for Humanity that is used to build more homes.

About Indiana Housing & Community Development Authority

IHCDA, chaired by Lt. Governor Suzanne Crouch, provides housing opportunities, promotes self-suffi