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. Funding comes from Tribal/HUD NAHASDA matched-savings (IDA) funds.

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

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 Repayment is triggered by None; matched savings and match used toward home purchase (funds may not be withdrawn early).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.

Sault Tribe Housing Authority Individual Development Account (IDA) Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required, through Sault Tribe Housing Authority personal finance and money management workshops. Residency requirement: Residents of the 7-County Service Area (Upper Peninsula); IDA county eligibility is Chippewa, Luce, or Mackinac. Citizenship or immigration status: Must be an enrolled Sault Tribe member. Must be enrolled Sault Tribe member and first-time homebuyer; minimum income noted as $25,000 on the IDA page and $15,000 in tribal newsroom materials; must attend money-management workshops and join peer support groups; early withdrawal of funds not allowed. Alternate phone (800) 794-4072.

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.

Sault Tribe Housing Authority Individual Development Account (IDA) Program names American Indian and Alaska Native homebuyers 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.

Sault Tribe Housing Authority Individual Development Account (IDA) Program serves homebuyers purchasing in Kincheloe, Michigan.

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. Funds are reserved through Applications accepted year-round. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.