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Iowa foundation tops 1 million for IDAs
DES MOINES, Iowa (11/11/09)--The Iowa Credit Union Foundation (ICUF) has received a grant from the Assets for Independence (AFI) Individual Development Account (IDA) Program for $257,920, bringing the total funds raised for the ICUF’s Credit Union Family Partnership IDA program to $1.2 million. IDAs are matched savings accounts in which a participant’s savings is matched by a grant from another organization. Individuals use the funds to purchase an asset, such as a home; start or expand a business; pay for education or training; or purchase a vehicle to get to work. Participants must meet income guidelines to qualify. The additional funds have allowed ICUF to expand its program to nine more Iowa credit unions. Eighteen credit unions participate in the program, reaching 91 of Iowa’s 99 counties. The IDA program has helped more than 33 Iowa residents save for assets. In July, the program’s first saver, Christy Mart, purchased her first home in Wallingford, Iowa, with $6,000 from the program. ICUF hopes to connect 500 Iowans to an IDA account during the next five years. IDA program partners include Coopera Consulting and the Iowa Credit Union League.
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