George is originally from the Democratic Republic of Congo and currently lives in Denver, Colorado with his wife and four children, in a home purchased through the CEDS IDA home ownership program.Read Full Story »
|George successfully exited the CEDS IDA program when $4,000 in personal savings was combined with the $4,000 in CEDS matching funds, for a total of $8,000 towards a home down payment.|
Financial Impact #2:
|George’s $8,000 in down payment savings was combined with $7,000 in down payment assistance from Denver Housing Authority, US Bank Subsidy and Neighborhood Stabilization Program-Northeast Denver Housing. This allowed him to purchase an $180,000 home with a $165,000 mortgage.|
|Individual Development Account|
George Serwenda, with his family of six, resettled in Aurora, Colorado in February 2008 from Tanzania. “Do people really purchase homes through this IDA program? I have tried with Habitat but have not been successful.” These were the words of George when he first met with CEDS staff who called him to come in and discuss his IDA account that was dormant. George had enrolled in the IDA program in 2011 with a home purchase asset goal, but was not funding his account because he had a hard time believing that he could purchase a house. CEDS staff explained the process to him and connected him with US Bank to obtain a mortgage, which was approved. He was later connected with additional down payment assistance programs through which he obtained more funding to achieve his goal. Finally, in September 2013, George was able to purchase and close on his first home in Denver, Colorado. After a long time of being skeptical, when he purchased his home he became a believer, like many, in the ability of the CEDS IDA program to turn dreams into reality.