The first member of an Iowa credit union to save for a home through an individual development account has closed on her 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 in the IDA program in January of this year. As an IDA, Christy's $2,000 was matched by $2,000 from the ICUF as well as $2,000 from state of Iowa and the $5,000 new home buyer tax credit.
IDAs are matched savings accounts where a participant's savings 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.
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"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. 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."
"We are proud to have been able to help Christy achieve her dream of owning a home," said Mark Peters, CEO of Employees Credit Union. "Not only that, but she has learned more about money management that will guide her into the future."
ICUF Executive Director Marybeth Foster said that since the foundation's IDA program got underway in November 2008, 60 people have applied to the program and 42 have enrolled. Of those, she said, 25 have said they are saving for a new home.
"Homeownership is the most popular savings goal, by far," Foster said.
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