How Our IDA Program Is Helping Coloradans Achieve Homeownership

Ricky followed the path he thought would lead to homeownership — earning a degree, working hard, and saving diligently. But despite doing everything right, affording a home in Denver felt out of reach.

The Denver native watched as the price of homes in the city skyrocketed while he was earning his Business Administration degree from Regis University. On top of high housing prices, Ricky welcomed his son Sotelo to his family, adding an additional expense to his budget.

Despite working and saving, Ricky found his income stretched thin as he tried to set aside enough for a down payment. While working with a lender, he learned about Brothers Redevelopment’s Individual Development Account (IDA) Program — a service in which clients save $3,375, and the nonprofit matches at 2:1 to be used for a home purchase.

Thanks to the program, Ricky was able to purchase his first home last summer in Denver, providing a stable environment where his now two-year-old son can grow and have a safe place to call home.

“I was doing everything right as far as one can do. Go to school, go to work — but it was still difficult all things considered like this economy,” said Ricky.

“The IDA really came through for me, and every dollar makes a difference going to closing. It sets you up for more stable, long-term homeownership,” he added. “Without it, I don’t know if I would’ve been able to purchase my home. I’m very thankful I found the program and that it all worked out.”

Brothers Redevelopment’s IDA Program remains a vital resource for aspiring homeowners in Denver and Adams counties, helping 20 clients purchase their first homes last year. By making homeownership more accessible, the IDA Program continues to empower individuals like Ricky, turning dreams of owning a home into reality.

“It was an incredibly lucky serendipitous event. I’m not sure I’d be able to make the monthly payments (on the home) without the assistance provided on that down payment,” said Ricky. “I had to put money up front, but the difference it makes on a month-to-month basis is huge.”

Those who are interested in the IDA Program can learn more by contacting Brothers Housing Counselor and Housing Navigator Amy Kennedy at 303-685-4202 or by emailing amyk@brothersredevelopment.org.

“Now I have my home. All I have to do is do everything right on my end and ride it out,” said Ricky. “It gave me a sense of grounding, like okay, now I can start looking forward.”