The Warsaw Housing Authority has structured a new program to help the needy learn about the challenges of homeownership while saving money for a down payment. The new program, called Individual Development Accounts, will combine funds from Federal Home Loan Bank of Indianapolis with a local plan. On Monday Fred Hash, of Federal Home Loan Bank of Indianapolis, presented options his bank provides for communities.The IDA program will run on funds from the FHLB. Warsaw has previously benefited from the support of the FHLB.The Courts of Colfax, an independent living facility for people over 55, received $303,400 from the bank. The WHA board approved the IDA program, which teaches future homeowners money-saving skills and homeownership skills while they save money in a restricted account. Cathy Walker, Warsaw Housing Authority, said IDA prepares clients for the challenges of owning a home.
Home BuyersBY GREG BROWN, Times-Union Staff Writer- | July 28, 2016