More than 2,000 Ohio families will have the opportunity to purchase their first homes, thanks to a $4 million grant from the Ohio Department of Jobs and Family Services. The new statewide program offers Individual Development Accounts (IDAs), personal savings accounts that earn match dollars, to encourage and help people save enough money to buy a house. The program has the potential to create more than $190 million in home investments, according to program sponsors.
KeyCorp, along with WECO Fund Inc. of Cleveland and the Economic and Community Development Institute of Columbus, developed the Key Home SavingsMatch program. The program works by offering a 2:1 match to qualified participants who save $750. The $750 savings and $1,500 match may then be applied toward the purchase of a first time home. Ohio residents applying for the program must meet the following eligibility criteria:
- Currently earning between $13,200 and $67,200, depending on family size
- Individual or family must have at least one minor child
- Must have ability to save a minimum of $750
- Must complete financial and homebuyer education classes
- Must have the ability to demonstrate appropriate credit and other factors to be “mortgage ready” by December 31, 2007
“We recognize the importance of homeownership in stabilizing communities, as well as the benefits of bringing together nonprofits, corporate leaders and government officials to improve and increase housing opportunities,” said Michael B. Griffin, director, Multicultural Markets & Asset Management, KeyBank Community Development Banking. “Our goal is to make homeownership an affordable reality for people, while making sure it is a good fit for their family and for their neighborhood.” Cleveland-based KeyCorp is one of the nation’s largest bank-based financial services companies, with assets of approximately $96 billion.
