WASHINGTON -
The U.S. Department of Health and Human Services (HHS) became the fourth federal agency to approve a grant to NCUF in the past five years. HHS' Office of Community Service awarded the grant to promote its Assets for Independence program.
The funds will be used to assist members in three pilot programs at El Paso Affordable Housing Credit Union Service Organization, Option 1 CU, East Lansing, Mich., and Syracuse Cooperative Federal Credit Union, Syracuse, N.Y.
Members with IDAs will receive $2 in matching funds for every $1 they save. Half of the matching funds will come through NCUF, which has established a reserve account for the credit unions to draw down as IDA holders reach their savings goals. The other half of the matching funds will be raised by the credit unions.
