‘Iowans Save!’ program now taking applications

The Gazette, Cedar Rapids, Iowa: Wed., Dec. 12, 2001

Gazette staff report

A program that helps working low-income Eastern lowans save to reach financial goals such as home ownership or starting a small business is taking its final set of applications at the MidAmerica Housing Partnership.

Iowans Save! is an individual development account savings program that matches every dollar participants save with another dollar up to a maximum of $3,000 per individual account, or $8,000 per household.

The program also includes money management workshops and classes geared toward participants’ personal financial goals, according to Kara Klatt, home ownership coordinator for the MidAmerica Housing Partnership.

The pilot program is funded with federal and state grants. Klatt said MidAmerica has about 25 enrollment slots left for the program, which ends in 2004.

Participants use their federal income tax return and at least modest monthly contributions to savings, assisted by budgeting guidelines provided by MidAmerica.

Their savings are matched by the Iowans Save! program.

About 30 accounts are in place at MidAmerica already, most for home ownership.

Additional information is available by contacting MidAmerica at 365-6247.