Arlington Community Federal Credit Union (ACFCU) announced today it will partner with Arlington Partnership for Affordable Housing (APAH) on an Individual Development Account (IDA) program, Building Financial Stability, Fostering Mobility. This specialized savings program is a tool proven to increase economic stability and success. Participants who have completed similar programs often go on to reduce debt, become homeowners, start businesses, and much more.
ACFCU will open dedicated savings accounts for APAH participants, reinforcing the credit union’s mission to empower the financial lives of its members. The accounts, guaranteed by APAH, will help facilitate regular contributions from participants who will receive a 5-to-1 match on their first $500 saved. Residents can then use these funds to grow personal savings further, pay down accrued debt, or make strategic investments, leading to the realization of their personal goals.
The participants will attend financial education courses on critical topics, including individualized goal setting and matched program saving accounts. They will receive goal-specific resources and support through program partners, including ACFCU, as part of their commitment to provide life-enhancing financial education to their communities.
“Partnering with APAH and other local nonprofits is an example of how we live into our purpose of creating opportunities for impact and inspiring positive change,” states ACFCU’s CEO, Karen Rosales. “We are extremely proud to provide the APAH participants accounts and resources to create a savings plan and support them at every step along their financial journey.”
Research has demonstrated that even modest savings toward significant personal goals can have an outsized impact on sustained, positive financial habits, and goal attainment. APAH President and CEO, Carmen Romero expressed, “We are thrilled to partner with Arlington Community FCU to create these savings accounts for our Building Financial Stability, Fostering Mobility program participants. We are proud to establish a practical, tangible pathway to break the cycle of poverty that many APAH households have found themselves in and support their progress to a better financial future.”
APAH received financial support from Bank of America, Northrup Grumman by way of NEF-LISC Bring Them HOMES, and Capital One to launch Building Financial Stability, Fostering Mobility.
For more information on ACFCU’s community initiatives, visit www.arlingtoncu.org/community.
