Macomb Community Action offers matched savings for first-time homebuyers

house-blogIf you are thinking about buying a house in Macomb County, Macomb Community Action may have a program perfect for you. The Individual Development Account helps eligible participants save money for a down payment and will even match funds – essentially giving you up to $3,000 for your down payment!

Here’s how it works. Participants enrolled in the program will make monthly contributions into a separate bank account. Macomb Community Action will match your savings up to $1,000 at a 3-to-1 ratio. The combined funds are used for the down payment and closing costs on the purchase of a first home in Macomb County. As part of the program, you must also complete homebuyer and financial education seminars.

Sounds good, right? The next question is if you are eligible. Here’s the checklist:

  • You must be a current Macomb County resident.
  • You must be a working adult employed a minimum of 30 hours consistently for 90 days with proof of earned income.
  • You must have reasonable consumer credit or readily repairable credit.
  • You must complete an application and preprogram orientation with the Individual Development Account case manager.
  • You must meet program income eligibility guidelines. Let’s look into these. Household eligibility may depend on one of the following:
    • The household is Temporary Assistance for Needy Families-eligible or qualifies for the Earned Income Tax Credit.
    • An asset test determines the household does not have a net worth exceeding $10,000.
    • The household’s adjusted gross income from the past 12-month period cannot exceed 200 percent of the federal poverty guidelines which are as follows:
      • Family of one must have income below $23,760.
      • Family of two must have income below $32,040.
      • Family of three must have income below $40,320.
      • Family of four must have income below $48,600.
      • Family of five must have income below $56,880.

Macomb Community Action has staff ready to talk you through the qualification process and will help determine if you are eligible. For more information on this program, call (586) 469-7378 or visit

In the meantime, bone up on which Macomb County community you want to live in by visiting or checking out the open house of the week on Facebook @MakeMacombYourHome.

Caitlin Gerds-Habermas works for the Macomb County Department of Planning & Economic Development, often providing content for the Make Macomb Your Home website.

This entry was posted in Make Macomb Your Home, Uncategorized and tagged . Bookmark the permalink.

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