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CU System
CU targets Milwaukee ZIP codes for IDA grants
MILWAUKEE (1/10/11)--Brewery CU is targeting neighborhoods with specific Milwaukee ZIP Codes to disperse $100,000 in Individual Development Account (IDA) grants. The $33 million asset community development credit union announced it will partner with Select Milwaukee and the $427,000 asset CTK CU in a neighborhood stabilization effort that involves nine of Milwaukee's ZIP codes. The program is open to all residents of southeastern Wisconsin. Brewery CU is taking applications from members in the community who wish to participate in an IDA program. The program was made possible by a $100,000 grant from the Community Development Financial Institution (CDFI) Fund. IDAs are special savings accounts set up to help people purchase an asset, in this case a first-home. Brewery CU will match up to $2,500 to use toward a down payment and other home purchasing costs, said the credit union in a press release. The program has no income limitations. The member's account must be opened for at least six months and cannot be opened longer than 12 months to earn the matched funds. The IDA funds can be earned only if the first-time homebuyer is purchasing a home in one of nine ZIP codes.


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