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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