DES MOINES – Gov. Culver signed legislation yesterday that will provide $250,000 in state funding for nine credit unions to develop Individual Development Accounts to victims of last year’s flooding.
The credit unions worked with the Iowa CU Foundation to develop the IDA program in response to last year’s floods, which destroyed hundreds of homes and businesses.
An IDA is a matched savings account where the savings of a participant is matched by a grant from another organization. The individual’s savings and matching funds must be used 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. Participants must meet income guidelines to qualify for an IDA account.
The participating institutions are: Affinity CU, Ascentra CU, Cedar Falls Community CU, Community 1st CU, Dupaco Community CU, Dutrac Community CU, Employees CU, Linn Area CU, and Veridian CU.
