Northeastern CDC Key Accomplishments (IDA Related)

Ø      What has NCDC done?

Northeastern CDC has numerous programs in place that compliment the development and implementation of an IDA program. IDAs work best in an environment that not only provides savings assistance and economic literacy training, but also provides real housing opportunities. Optimally, a cycle can be developed that provides needed housing to those that are willing to save for productive assets and also provides homeowners (IDA participants) for the affordable housing that is available. There is a clear connection between the provision of housing and the participation in IDA programs. The need for additional housing can be demonstrated through the number of IDA program participants. Consequently, the program participants will increase when there is a real sense that housing will be available when saving guidelines are met and the money is ready to be spent. NCDC has expertise in housing development, as well as, various other areas that bode well for the development of an IDA program. Relevant current programs include:

§         Lakeside Apartment Housing Development (Low Income)

§         Housing Rehab Program

§         Home Ownership Counseling (First-time Homebuyers, Predatory Lending, Credit Repair)

§         Child Care/Development Center

§         Small Business Loan Program

§         Hispanic ESL Program

§         Hispanic Life Skills Development Services (Steps To Success Program (Duke Endowment Rural Carolinas Initiative)

IV.            CDBG Program Guidelines

Ø      What are the NC DCA IDA Program Requirements?

q       $5000,000 available annually for IDA programs

q       $50,000 maximum award per site

q       Projects must be completed in 30 months

q       CDBG funds can only be used for first-time homebuyers assistance

q       Each IDA program must have 20 accounts minimum

q       Match will be 3:1 ($2000 match deposited with every $1000 deposited by participant)

q       Program is non-competitive

q       Cycle open until funds depleted or until December 31, 2003

q       All Counties except Wake and Cumberland are eligible

q       Local Governments (recipient) must apply for the non-profit (sub-recipient)

q       Program is managed by the CDC with all funds held at local banks

q       NC DCA and DOL have over 50 programs in place and operating in NC