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Individual Development Accounts

The Iowa Credit Union Foundation’s Credit Union Family Partnership (CUFP) Individual Development Account Program (IDA) offers matched savings accounts for families with limited resources who meet income-based criteria.
 
Participating credit unions hold and manage the IDAs and establish a relationship with each participant to monitor his or her progress towards financial independence.
 
These matched savings accounts are connected to services to help individuals and families eventually acquire an economic asset toward long-term financial stability. Typical asset goals for the savings and match are:
  • Homeownership
  • Higher education
  • Job training
  • Small-business capitalization
  • The purchase of an automobile for work
  • Assistive technology for persons with disabilities
ICUF secured funds for the CUFP IDA Program from a private foundation, the Iowa Division of Community Action Agencies, the U.S. Department of Health and Human Services, the Northwest Area Foundation, Veridian Credit Union, and United Way of Central Iowa. Fundraising for the program is ongoing.

Review Iowa Policy Project's Executive Summary of the Social Benefits of Individual Development Accounts.

NOTICE: Iowa credit unions - additional IDA information and forms can be found on the ICUF members-only website.

 

   
   
Iowa Credit Union Foundation | 1500 NW118th Street | Des Moines, Iowa 50325 | P 800.860.6180 | info@iowacreditunionfoundation.org