HUNTSVILLE, Ala. - Redstone FCU has pledged $25,000 over a five-year period to Family Services Center's North Alabama Individual Development Account Program that's designed to assist low-income families take the necessary financial steps to becoming homeowners. The program targets low-income families who are not immediately ready to purchase a home but can become ready to within two to three years. It includes first-time homebuyer preparation consisting of credit counseling, financial literacy training and home ownership education. To participate in the program, a household's annual income cannot exceed 200% of the poverty level, and its net worth can't exceed $10,000, with some exclusions. Participants must also be residents of North Alabama. Family Services Center will be responsible for ensuring individuals meet the program's eligibility requirements and comply with the program guidelines. Redstone FCU will be responsible for opening and maintaining the accounts.
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the top of any article.
From the April-06, 2005 issue of Credit Union Times Magazine • Subscribe!
Redstone FCU Commits $25,000 Over Five Years to Help Low-income Families Become Homeowners
Want the latest credit union news?
Sign up for our free newsletter today! All the breaking credit union news and information you need to make the right decision for your credit union delivered to your inbox. For free!
Thanks for subscribing, you will start receiving the Daily News Alert tomorrow!
Comments
Resource Center
View All »
Measure and Monitor the Risks and Opportunities in Loan Portfolios
Get a complimentary demo of our loan portfolio analytics and access to the white paper,...
