The Iowa Credit Union Foundation has drawn praise from the State of Iowa for its effort to help lower income Iowans save to purchase a home.
Iowa Attorney General Tom Miller and Iowa Home Ownership Education Project Executive Director Stephanie Preusch recognized the foundation for its efforts to provide home ownership education during the recent IHOEP annual fall conference in Des Moines.
Accepting an award on behalf of ICUF was Marybeth Foster, executive director. ICUF's primary focus is to eliminate poverty in the state of Iowa.
The foundation offers an individual development account (IDA) program through Iowa credit unions. IDAs are matched savings accounts where the savings of a participant are matched by a grant from another organization.
The savings and matching funds are used by the individual to purchase a specific asset, such as a home, starting or expanding a small business, paying for education or job training, or purchasing a vehicle to get to work. Participants must meet income guidelines to qualify for an IDA account and must participate in financial education seminars.
"Home ownership is the most popular asset choice in the IDA program," Foster said. "The money saved in an IDA can be used toward down payment, closing costs and other fees associated with buying a home."
--dmorrison@cutimes.com
Iowa Attorney General Tom Miller and Iowa Home Ownership Education Project Executive Director Stephanie Preusch recognized the foundation for its efforts to provide home ownership education during the recent IHOEP annual fall conference in Des Moines.
Accepting an award on behalf of ICUF was Marybeth Foster, executive director. ICUF's primary focus is to eliminate poverty in the state of Iowa.
The foundation offers an individual development account (IDA) program through Iowa credit unions. IDAs are matched savings accounts where the savings of a participant are matched by a grant from another organization.
The savings and matching funds are used by the individual to purchase a specific asset, such as a home, starting or expanding a small business, paying for education or job training, or purchasing a vehicle to get to work. Participants must meet income guidelines to qualify for an IDA account and must participate in financial education seminars.
"Home ownership is the most popular asset choice in the IDA program," Foster said. "The money saved in an IDA can be used toward down payment, closing costs and other fees associated with buying a home."
--dmorrison@cutimes.com
