The City of Sunnyvale has recently approved a program to provide Down Payment Assistance Loans and Individual Development Accounts (IDAs) to assist applicants for Below Market Rate Home Ownership. 

INDIVIDUAL DEVELOPMENT ACCOUNTS (IDA)

Individual Development Accounts (IDAs) is a program designed to assist low-income Sunnyvale residents to save funds towards the purchase of a home in Sunnyvale.  IDA is an innovative strategy to assist families and communities progress economically through saving and investing. The IDA Savers will learn the skill of saving and managing their finances to achieve their goal of saving money and building assets, owning a home, improving and maintaining creditworthiness and becoming “mortgage-ready” to purchase.  The Savers will achieve a life lesson learned that will provide ongoing benefits to their families and to the community.

Terms, Eligibility and Criteria

• The minimum timeframe of 18 to 36 months for reaching the savings goal is required to help the Saver develop the habits of monthly saving.
• City will match the Saver’s deposits of $5,000 with $10,000 (the maximum City match fund, a 2:1 ratio).
• The City’s match funds may only be used for the down payment and closing costs to purchase a home in Sunnyvale.
• If there is early withdrawal of the savings prior to reaching the savings goal, the City will not provide matching the funds.
• Saver must attend financial education programs specified by the City and fully cooperate with the City’s designated IDAs counselors. 
• Saver must not have owned a primary residence during the last three years in the following county regions – Alameda, Contra Costa, Marin, Monterey, Napa, San Benito, San Francisco, San Mateo, Santa Clara, Santa Cruz, Solano and Sonoma.
• Home must be located in Sunnyvale and must be owner-occupied.
• Saver will be eligible to participate in the City’s Down Payment Assistance Loan.

For more information, please email the Affordable Housing Division