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CU IDA account yields home for man daughter
DUBUQUE, Iowa (8/31/10)--Adam Shepherd and his 4-year-old daughter, Sarah, will move into their own home this week after Shepherd saved enough money for a downpayment through a Dupaco Community CU Individual Development Account (IDA) and a three-for-one matching grant from the Iowa Credit Union Foundation.
Click to view larger image Adam Shepherd, 33, will move into his own home this week after he saved enough money for a downpayment through a Dupaco Community CU Individual Development Account and a three-for-one matching grant from the Iowa Credit Union Foundation. (Photo provided by Dupaco Community CU)
With the help of Dupaco Money Makeover coach Paula Ervolino, Shepherd saved $2,000 during a seven-month period beginning in November. The fund matched $3 for every $1 Shepherd saved. The combined $8,000 was enough for a downpayment on a home. Dupaco also provided Shepherd a mortgage loan to finalize the purchase. Through Dupaco’s program, participants’ savings are matched by a grant from another organization. Dupaco opens the savings accounts and provides the required financial education to help ensure the participant’s goals are met. The funds are matched by the foundation through private grants. Participants must meet income guidelines and be residents of or purchase assets in Iowa to qualify for a Dupaco IDA account. Individuals can use the funds to purchase an 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. Dupaco has four other members enrolled in the program. Others are waitlisted until more match funding becomes available. Shepherd, 33, works two full-time jobs and rents an apartment. He credited Dupaco with showing him how to effectively budget. “I knew I was making money,” Shepherd said. “But I didn’t know where it was going until I started using the program’s savings diary. “I went from a credit zero to credit maybe,” he added. “The IDA program helped me clean up unnecessary debt and taught me the power of systematic saving.” Shepherd said the home is a “wonderful” space for his daughter. Also, “the home has a great potential to help build my net worth,” he said. Financial education was key to Shepherd’s savings success. He credited Dupaco’s Ervolino with keeping him on track. Ervolino said Shepherd was successful because he stayed focused. “Adam completed his workbook of lessons early in the program and stayed on top of his financial education requirements,” Ervolino said. “So when the time came to purchase his home, there was nothing standing in his way.” Based in Dubuque, Iowa, Dupaco has $778 million in assets.


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