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Ohio IDA Program Expands Opportunities for Homeownership
Ohio IDA Program Expands Opportunities for Homeownership
Published 01-05-07
Submitted by KeyBank
CLEVELAND, January 5, 2007 "“ 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.
KeyCorp (NYSE:KEY), along with WECO Fund Inc. of Cleveland and the Economic and Community Development Institute of Columbus, developed the Key Home SavingsMatch. The Key Home SavingsMatch IDA 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.
"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."
Interested participants should submit application forms, along with verification of income, at any KeyBank branch in Ohio, or at a participating financial institution. Once approved, participants open a Key Saver Account with Key with a minimum of $50. Key will waive the low balance monthly fee on the account. In addition, participants must attend and complete financial and homebuyer education classes. The classes provide tools and counseling to help create successful homebuyers who take charge of their neighborhoods as well as their homes.
"We’ve worked hard to better understand the needs existing in our communities," explained Bruce Murphy, president of KeyBank’s Community Development Banking. "We recognize that one of the most immediate needs is access to information and resources so families can buy a home. In addition, we know homeownership helps stabilize families, helps them build assets and when the training is done in concert with a financial institution, it can be a direct path to helping communities become financially stable."
Ohio residents applying for the program must meet the following eligibility criteria:
When the participant is ready to purchase a home, they may be referred to realtors or community development corporations that assist individuals with finding a home. KeyBank is able to provide mortgage services for most participants and referrals are easily made to a Key mortgage advisor.
For more information about the Home SavingsMatch Plan visit https://www.key.com/ida or call 1-866-IDA-WECO (1-866-432-9326) or 1-800-KEY-2-YOU (1-800-539-2968).
About KeyCorp
Cleveland-based KeyCorp is one of the nation’s largest bank-based financial services companies, with assets of approximately $96 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally.
Note to Editors: For up-to-date company information, media contacts and facts and figures about Key’s lines of business, visit our Media Newsroom at Key.com/newsroom.
KeyBank
KeyBank
KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $176.2 billion at March 31, 2021. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,100 branches and more than 1,400 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.
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