OHFA Home Repair IDA

What is the Home Repair IDA program?

The Home Repair IDA (HR IDA) is designed to encourage first time homeowners who have recently purchased a home with an OHFA mortgage to continue to save money after they purchase their home.  Many new homeowners have proven they can save money over time by saving for the down payment and closing costs.  The Home Repair IDA program matches a participant's personal savings with grant money to help new homeowners establish an emergency fund to cover the costs of unexpected home repairs.  In addition to providing a financial incentive to continue to save, the program offers the tools and education needed to become responsible, long-term homeowners.

How does the Home Repair IDA program work?

• An eligible family enrolls in the program (see below for eligibility)
• The participant completes Financial Literacy training provided by ECDI and a post-purchase homeowner's education course provided by Columbus Housing Partnership or MORPC that covers the basics of homeownership, including home maintenance and repair, foreclosure prevention, and refinancing/predatory lending.
• A custodial savings account is opened and the participant saves money into that account over a minimum of four months' time        

            ♦  HR IDA program participants with household incomes at or below 80% area median income (see below) will be required to save $500, which would then be matched with $2,000 in grant money

            ♦  HR IDA program participants with household incomes from 81% to 120% of area median income (see below) will be required to save $1,000,which would then be matched with $2,000 in grant money 

• Once the participant reaches their savings goal , the participant will submit an estimate from a licensed, bonded, and insured contractor. Eligible uses include home maintenance and repair costs, energy efficiency updates that will save the homeowner money over time, and/or the costs of any required permits. Redecorating or remodeling expenses are not eligible uses for these funds.
• ECDI matches the homeowner's savings and writes a check directly to the contractor for the estimated price of repairs. Participants should NOT give the contractor the check until all work has been satisfactorily completed.

Who is eligible for the program?

• The applicant must be a first time homeowner who has financed their home purchase with an OHFA mortgage since 2009
• The new home must be located in Franklin, Delaware, Madison, Pickaway, Fairfield, and Licking counties
• The applicant must have earned income
• The applicant's combined household income must be at or below 120% AMGI (see below)

To begin the process of enrolling in the Home Repair IDA program online, click here. An ECDI staff member will contact you within two business days to discuss your eligibility and next steps.

For more information, call ECDI at (614) 732-0571.