Newtown CDC Individual Development Account (IDA) Down Payment Assistance

What is Newtown CDC Individual Development Account (IDA) Down Payment Assistance?

Newtown CDC Individual Development Account (IDA) Down Payment Assistance is a grant for homebuyers in Maricopa County, Arizona, administered by Newtown Community Development Corporation.

• Newtown CDC's Individual Development Account (IDA) program provides a 3-to-1 savings-match grant of up to $15,000 for first-time homebuyers purchasing a primary residence in Maricopa County. A buyer who saves $5,000 in an IDA earns the maximum $15,000 in matching funds applied toward down payment and/or reasonable closing costs. Administered by Newtown CDC; requires enrollment in Newtown's homebuyer assistance program. Income eligibility at or below 78% AMI.
• Up to $15,000 matching grant (3:1 match).
• Funds for down payment and/or closing costs.
• Counseling and education included.
• Stackable with other DPA programs.
• Maricopa County first-time buyers.
• Funding comes from Newtown Community Development Corporation; specific IDA funding source not publicly disclosed.

How much assistance does it provide?

Newtown CDC Individual Development Account (IDA) Down Payment Assistance offers up to $15,000 in assistance.

• The program asks buyers to contribute 3:1 savings match: saving $5,000 earns the maximum $15,000 match.
• The program can be combined with May be combined with WISH and other homeownership programs per Newtown counselor.
• Amounts are the program's published maximums, not an offer — Newtown Community Development Corporation determines any individual award.

Do you have to pay it back?

Newtown CDC Individual Development Account (IDA) Down Payment Assistance is structured as a grant, so it is not repaid.

• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Newtown CDC Individual Development Account (IDA) Down Payment Assistance is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Newtown CDC Individual Development Account (IDA) Down Payment Assistance limits household income to 78% of the area median income, which varies by county and household size.

• Gross household income below 78% of HUD AMI; same limits as WISH for Maricopa County (Phoenix-Mesa-Scottsdale MSA); 4-person $87,516 (June 2025).
• The limit applies to total household income, not only the borrower’s.
• The program lists a maximum household size of 8.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Newtown CDC Individual Development Account (IDA) Down Payment Assistance can be used for Single Family, Condo, and Manufactured.

• New construction is eligible.
• Manufactured homes are eligible.

Where does it apply?

Newtown CDC Individual Development Account (IDA) Down Payment Assistance serves buyers purchasing in Maricopa County, Arizona.

How do you apply?

Applications for Newtown CDC Individual Development Account (IDA) Down Payment Assistance go through Newtown Community Development Corporation, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Newtown CDC homebuyer education; Housing Counselor enrollment required.

2. 2

   Contact Newtown Community Development Corporation to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.