Sault Tribe Housing Authority Individual Development Account (IDA) Program

What is Sault Tribe Housing Authority Individual Development Account (IDA) Program?

Sault Tribe Housing Authority Individual Development Account (IDA) Program is down payment assistance for homebuyers in Kincheloe, Michigan, administered by Sault Ste. Marie Tribe of Chippewa Indians Housing Authority.

• The Sault Tribe Housing Authority IDA is a matched-savings program assisting low-income tribal families to purchase their first home. The tribe matches savings 2:1 (the program adds $2 for every $1 saved) up to $1,600 per year. Participants save at least $75/month, complete personal finance workshops, remain in the program at least two years, and participate in ongoing peer support groups. Savings and match may only be used toward purchasing a home. Applications are accepted year-round.
• 2:1 matched savings up to $1,600/year.
• Funds applied to home purchase.
• Financial education included.
• Year-round enrollment.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from Tribal/HUD NAHASDA matched-savings (IDA) funds.

How much assistance does it provide?

Sault Tribe Housing Authority Individual Development Account (IDA) Program offers up to $1,600 in assistance.

• Buyer contribution: Must save at least $75.00 per month while in the program; remain in program at least two years.
• Amounts are the program's published maximums, not an offer — Sault Ste. Marie Tribe of Chippewa Indians Housing Authority determines any individual award.

Do you have to pay it back?

Sault Tribe Housing Authority Individual Development Account (IDA) Program is down payment assistance and is repaid under the terms set by Sault Ste. Marie Tribe of Chippewa Indians Housing Authority.

• Repayment is triggered by None; matched savings and match used toward home purchase (funds may not be withdrawn early).
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Sault Tribe Housing Authority Individual Development Account (IDA) Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Sault Tribe Housing Authority Individual Development Account (IDA) Program sets its income limit as follows: Income-based; annual household income within eligible range; minimum annual income of $25,000 required (some materials cite $15,000).

• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Is there eligibility for specific groups?

Sault Tribe Housing Authority Individual Development Account (IDA) Program names American Indian and Alaska Native buyers among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Sault Tribe Housing Authority Individual Development Account (IDA) Program is a federal program, so it is not limited to Michigan.

How do you apply?

Applications for Sault Tribe Housing Authority Individual Development Account (IDA) Program go through Sault Ste. Marie Tribe of Chippewa Indians Housing Authority, 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 Sault Tribe Housing Authority personal finance and money management workshops.

2. 2

   Contact Sault Ste. Marie Tribe of Chippewa Indians Housing Authority to reserve funds

   Funds are reserved through Applications accepted year-round, 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.