IDA Students Complete First Year
Students of Citizens for Citizens, Inc Tri-City Regional Individual Development Account have completed their first year of participation in the program. Each student has contributed their pre-agreed amount of funds to the IDA account and will receive the match amount of funds for the purchase of a home.
The custodial accounts are held by Citizens for Citizens and the funds can only be used towards expenses for the purchase of a home, e.g., home inspections, appraisals, closing cost, down payments etc. All the students completed Financial Education Training classes and received their Certificate of Completions in a ceremony held at the Maple Tree Child Care Center.
The students have been attending monthly savings club meetings to discuss and share ideas about different savings strategies and other ideas related to first time home purchase. The next step towards the purchase of the home is for students to complete First Time Home Ownership Training course provided by the Director of the Fall River Affordable Housing Corporation, Robert Landry.
Funding for the program has been provided by the Commonwealth of Massachusetts, the Robert F. Stoico/FIRSTFED Charitable Foundation, Citizens Union Savings Bank, Bank of America and the Department of Health & Human Services All funds deposited in the IDA account will be paid directly to the vendor for the costs of the home purchase
