Ohio IDA Program Expands Opportunities for Homeownership

RISMEDIA, Jan. 8, 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, 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 home buyer education classes. The classes provide tools and counseling to help create successful home buyers 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:

- Currently earning between $13,200 and $67,200, depending on family size
- Individual or family must have at least one minor child
- Must have ability to save a minimum of $750
- Must complete financial and home buyer education classes
- Must have the ability to demonstrate appropriate credit and other factors to be
"mortgage ready" by December 31, 2007

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, visit http://www.key.com/IDA.

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