Individual Development Account Withdrawal Procedure for Purchasing, Building
or Repairing a Home
The following procedure is for making an authorized withdrawal from your
Tangible Assets IDA for homeownership purposes. The following items must be
submitted to have your request reviewed. In order to draw match money from the IDA
program, participants must provide the following:
A Homeownership Plan. You will need to submit a written plan that describes
the sources and uses of money for the total cost of the home or home repair,
projected homeownership costs, evidence of an understanding of the benefits,
risks and costs of maintaining a home. This plan should be written with the help
of your homeownership technical assistance provider. This information must be
submitted with your withdrawal request.
Signed purchase and sales agreement
Escrow account number with a mortgage or escrow company
Blueprints, materials list and two (2) professional estimates for home
building or repair. Submit this information if you are building or doing home
Savings deposit withdrawal slip. Fill in the amount you are requesting from
your savings account (not including match money). Date, sign and return the
savings withdrawal slip to us with your withdrawal request.
IDA Technical Assistance Providers Form. Complete this form and return it
with your request.
IDA Authorized Withdrawal Request Form. Complete and sign this form.
You will be contacted directly by the Director of CED at CVCAC, Mary Niebling,
about your withdrawal request.
The above information must be submitted at least 30 working days prior to the
date for which the savings withdrawal/matching funds checks are requested. Submit
withdrawal request to:
195 US RT 302-Berlin
Barre, VT 05641