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IDA (Individual Development Account)

IDA

If your financial situation prevents you from your goal of owning a home, starting or expanding a small business, additional post-secondary education or owning a vehicle, the Credit Union Family Partnership Individual Development Account (IDA) Program may be able to help you. Community 1st  Credit Union has partnered with the Iowa Credit Union Foundation to help working Iowans like you become financially self-sufficient.

Traditional IDA Program

Eligibility:
  • At or below 200 percent of Federal Poverty Limit, or
  • Eligible for Earned Income Tax Credit (EITC), or
  • Eligible for Family Investment Program (FIP)

Approved Uses of Savings & Match:

  • First-time homebuyer closing costs and down payment
  • Have not owned a home in the past 36 months and need closing costs and down payment
  • Start or expand a small business
  • Pay for post-secondary education or job training
  • Purchase a vehicle if the saver does not currently own one

Geographic Restriction:

  • Must live in the state of Iowa

Qualifications to Receive Savings Match:

  • Become a member of a participating credit union
  • Make a minimum monthly deposit of $25
  • Save for a minimum of six consecutive months
  • Complete an approved financial education program
  • Complete a home buyer or small business education program (if you are saving to buy a home or start a small business)

Rebuild Iowa IDA Program

Eligibility:

  • At or below 300 percent of Federal Poverty Limit

Approved Uses of Savings & Match:

  • First-time homebuyer closing costs and down payment
  • Have not owned a home in the past 36 months and need closing costs and down payment
  • Start or expand a small business
  • Pay for post-secondary education or job training
  • Purchase a vehicle if the saver does not currently own one
  • Improvement to a primary residence that increases the taxable value of the property
  • Emergency medical costs for the account holder or for a member of the account holder’s family (limited to a single withdrawal during the life of the account in an amount not to exceed 10 percent of the account balance at the time of the withdrawal)
  • Assistive technology, home or vehicle modification, or other device or physical improvement that assists an account holder or family member with a disability

Geographic Restriction:

  • Families or individuals affected by an Iowa natural disaster occurring in 2008 AND
  • Living in an Iowa county declared as a disaster area by Presidential declaration

Qualifications to Receive Savings Match:

  • Become a member of a participating credit union
  • Make a minimum monthly deposit of $25
  • Save for a minimum of six consecutive months
  • Complete an approved financial education program
  • Complete a home buyer or small business education program (if you are saving to buy a home or start a small business)
  • Emergency medical costs are limited to a single withdrawal during the life of the account
IDA Funding

The Iowa Credit Union Foundation has secured funds for the Credit Union Family Partnership IDA Program from a private foundation, Prairie Meadows Racetrack & Casino and the U.S. Department of Health and Human Services.