Redstone FCU Commits $25,000 Over Five Years to Help Low-income Families Become Homeowners
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.