empowering people to become self-reliant

New Century IDA

New Century IDA

Proof that dreams do come true

This program focuses on helping you build assets that will continue to grow in value to achieve homeownership. Once enrolled, you will receive economic literacy training, first-time homebuyer’s training, and support every step of the way. You will be assigned a Success Coach to help you navigate a comprehensive program of financial education and tailor a schedule of matched savings toward a down payment on a home.

New Century Individual Development Account (IDA) has achieved the highest per capita success rate in the nation, placing over 525 homeowners in the community an representing over $40 million in taxable property assets. Gain a stake in your community and help eliminate generational poverty. The IDA Program helps low-income families gain a stake in their community and in so doing help eliminate generational poverty.

Who Qualifies

You must be a resident of Winston-Salem/Forsyth County and must meet specific income guidelines. The IDA program is structured so that low-income households can buy a home, and be successful in paying for and owning their own property.

Don’t let credit and debt issues discourage you from applying to participate in this program. Overcoming credit and debt issues is part of this process. We have other programs available to aide in clearing any credit issues that cannot be cleared in the two years of program participation.

The program’s goal is to get residents in their own homes, and also to help them be able to stay there.

We will screen your application for eligibility, and inform you of the results. If you are denied, we will give counsel as to the reason for the denial, and ways to improving your eligibility for the program, and encourage you to reapply if there is the possibility that they will qualify at a later time.

Requirements

To participate in the IDA Program, you must:

  • Be a Winston-Salem/Forsyth County resident.
  • Provide a completed IDA Application and Consent Form.
  • Provide or obtain a recent tri-merge credit report.
  • Meet income guidelines and other program requirements.
  • Pay the $25 application fee.

Crosby Scholars

The IDA Program can also help pay for college. If you’re a Crosby Scholar (or the parent of one), the New Century IDA Crosby Scholar Program can provide up to $2,400 in grant funds to participants who save a minimum of $300 in an IDA savings account.  The funds are disbursed over two school years ($1,200 per school year, for example). For more information on this program contact one of our IDA team members, and they’ll be happy to answer your questions.

Visit the Crosby Scholars webpage for more on the Crosby Scholars program.

Requirements:

  • Parent or Student must be employed.
  • Student must save a minimum of $300 in an IDA account over a minimum of six months.
  • Student must complete and Pass ALL modules in the Money Smart for Young Adults Curriculum.
  • Student must meet with a Success Coach once a month.
  • Student must maintain a minimum 2.0 GPA (same as Crosby Scholar requirements).
  • Student must remain Crosby eligible to participate.

If you have interest in this program contact the New Century IDA Team by clicking here, or call (336) 722-9400 x163

Would you like to become A Sponsor of an IDA Class or an IDA event?

Please inquire here, or call the IDA Team here: (336) 722-9400 ext 160