The first member of an Iowa credit union to have saved for a home though an individual development account has closed on their first home.
The Iowa Credit Union Foundation reported that Christy Mart, a member of the $73 million Employees Credit Union, headquartered in Estherville, Iowa, saved $2,000 since enrolling the individual development account program in January of this year. Christy's $2,000 was matched by $2000 from the ICUF as well as $2,000 from state of Iowa and the $5,000 new home buyer tax credit.
"I am so thankful for this opportunity," said Mart in an announcement of her accomplishments. "The whole experience has just been amazing and continues to get better and better. Everything worked out perfectly to help me purchase this home and I am so lucky to have been given this opportunity and for the generous financial support provided through the credit union IDA program and Employees Credit Union."
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An IDA is a matched savings account where the savings of a participant is 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.
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