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CU System
First Iowa CU IDA saver buys first home
ESTHERVILLE, Iowa (8/7/09)--Christy Mart's dream of owning a home is now reality. She closed on her first home in Wallingford, Iowa, on July 21, becoming the first Iowa credit union Individual Development Account (IDA) saver to buy a home.
Click to view larger image Posing in front of the new home purchased by the first Individual Development Account (IDA) saver in Iowa credit unions' IDA program are, from left: Marybeth Foster, executive director, Iowa Credit Union Foundation (ICUF); Christy Mart, the IDA saver and new homeowner; and Lana Ross, executive director of Community Action Agencies and board member of ICUF. (Photo provided by the Iowa Credit Union Foundation)
Mart's savings was matched by $4,000 through the Iowa Credit Union Foundation's Credit Union Family Partnership IDA program. She used the amount for the down payment on the home. As part of the program, Mart receives financial education through Employees CU, based in Estherville. An IDA participant's savings is matched by a grant from another organization. The individual can use the savings and matching funds to purchase a specific asset such as a home, start or expand a small business, pay for education or job training, or purchase a vehicle to get to work. "The goal of the program is to help demonstrate to low-income Iowans the importance of savings in an effort to end poverty and to help working Iowans become financially independent," said Employees CU CEO Mark Peters. Peters noted that Mart has "learned more about money management that will guide her in the future." The credit union is one of nine Iowa credit unions in the Credit Union Family Partnership IDA program. "The whole experience has just been amazing and continues to get better and better," Mart said. "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 CU." "Christy is our first Iowa credit union IDA saver to purchase an asset, and we couldn't be happier," said Marybeth Foster, ICUF executive director. "She is such a hard worker, and we're thrilled to have helped her become more financially secure."
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