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Newly-Acquired Savings Tenacity and a $3-for$1 Matching Grant Helps Make a New Home For Father and Daughter — 

August 30, 2010

FOR IMMEDIATE RELEASE

Contact:
David Klavitter, Senior Vice President Marketing & Public Relations
Dupaco Community Credit Union
563-557-7600 x2266 (office)
563-580-5838 (mobile)
dklavitter@dupaco.com

[NOTE: Nine photo thumbnails with captions are attached below with links to high resolution images.]

Dubuque, Iowa--Adam Shepherd and his four-year-old daughter, Sarah, will move into their very own home this week, thanks to Shepherd’s newly-adopted tenacity for saving money through a Dupaco Community Credit Union Individual Development Account (IDA) and a three-for-one matching grant from the Iowa Credit Union Foundation.

With ongoing help of Dupaco Money Makeover coach Paula Ervolino, Shepherd systematically saved $2,000 during a seven-month period, beginning in November 2009. The Iowa Credit Union Foundation matched $3 for every $1 saved by Shepherd. The combined $8,000 was more than enough for a down-payment on a home.

Dupaco made Shepherd a mortgage loan to finalize the purchase.

Through Dupaco’s IDA program, the savings of a participant are matched by a grant from another organization. Dupaco opens the savings accounts and provides financial education required by the program to help ensure the participant’s goals are met. The matching funds come from the Iowa Credit Union Foundation thanks to private grants it has received.

Participants must meet income guidelines and be residents of or purchase assets in the state of Iowa to qualify for an IDA account. The savings and matching funds are then used by the individual to purchase a specific asset, such as a home, starting or expanding a small business, paying for education or job training, or purchasing a vehicle to get to work.

Dupaco has four other members enrolled in the IDA matching program and others on a waiting list once additional match funding becomes available.

The 33-year-old Shepherd works two full-time jobs. He credited Dupaco with showing him how to effectively budget.

“I knew I was making money,” said Shepherd. “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,” said the newly-minted homeowner. “The IDA program helped me clean up unnecessary debt and taught me the power of systematic saving.”

Shepherd, who was renting an apartment, says the home is a wonderful space for his daughter, as well as a financial investment in his future. “The home has a great potential to help build my net worth,” he pointed out.

Financial education was the key component in his savings success, said Shepherd, who credited Dupaco’s Ervolino with keeping him on track. “Paula was extremely easy to work with,” said Shepherd.

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,” said Ervolino. “So when the time came to purchase his home, there was nothing standing in his way.”

After his family pitched in to help prepare the home, Shepherd was excited to move in.

“I’m just looking forward to playing catch me and hide-and-seek with my daughter,” said Shepherd.

Credit union members interested in more information on an IDA may contact Dupaco’s Member Services Department at service@dupaco.com or (563) 557-7600 / 800-373-7600, ext. 206

ABOUT DUPACO COMMUNITY CREDIT UNION:
Dupaco Community Credit Union is a not-for-profit, member-owned financial cooperative, chartered to serve residents of Allamakee, Benton, Buchanan, Cedar, Clayton, Clinton, Delaware, Dubuque, Fayette, Iowa, Jackson, Johnson, Jones, Linn, Louisa, Muscatine, Scott, Washington, and Winneshiek Counties in Iowa; Crawford, Grant, Iowa and Lafayette Counties in Wisconsin; and Carroll, Jo Daviess, Stephenson, Rock Island and Whiteside Counties in Illinois. Membership totals more than 58,000 with assets exceeding $903 million.

DUPACO LOCATIONS:
Offices are currently located at: Hillcrest Road at JFK; Pennsylvania Avenue at Northwest Arterial; 1465 Sycamore Street; 2245 Flint Hill Drive; and 400 S. Locust Street (inside Hy-Vee) in Dubuque; 5865 Saratoga Road in Asbury, Iowa; 807 Ninth Street SE in Dyersville, Iowa; 1200 W Main Street in Manchester, Iowa; 3131 Williams Boulevard SW in Cedar Rapids, Iowa; 11375 Oldenburg Lane in Galena, Illinois; and at 1100 E Business Highway 151 in Platteville, Wisconsin.

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Photo Captions:

Caption for Thumbnail: eAdamProudPorchWide08262010.jpg
Adam Shepherd prepares to move into his new home in Dubuque, Iowa. Shepherd’s purchase of the home was made possible through an Individual Development Account (IDA) and a mortgage loan through Dupaco Community Credit Union. The Iowa Credit Union Foundation provided a $2-for-$1 matching grant. (D. Klavitter/Dupaco photo)

Caption for Thumbnail: eAdamProudPorch08262010.jpg
Adam Shepherd prepares to move into his new home in Dubuque, Iowa. Shepherd’s purchase of the home was made possible through an Individual Development Account (IDA) and a mortgage loan through Dupaco Community Credit Union. The Iowa Credit Union Foundation provided a $2-for-$1 matching grant. (D. Klavitter/Dupaco photo)

Caption for Thumbnail: eAdamDadLivingRoom08262010.jpg
Adam Shepherd (left) and his father, Stephen Shepherd, discuss the weekend’s moving plans in the home’s living room. The 1,750 square foot home has plenty of room for Shepherd and his four-year-old daughter. The home was built in 1900 and features nearly ten-foot ceilings and a wrap-around porch. (D. Klavitter/Dupaco photo)

Caption for Thumbnail: eAdamDadKitchen08262010.jpg
Adam Shepherd (left) and his father, Stephen Shepherd, inspect their job remodeling the home’s kitchen. (D. Klavitter/Dupaco photo)

Caption for Thumbnail: eAdamHouseWide08262010.jpg
Adam Shepherd’s new 1,750 square foot home--made possible through an Individual Development Account (IDA) through Dupaco Community Credit Union--has plenty of room for Shepherd and his four-year-old daughter, Sarah. The Dubuque home was built in 1900 and features nearly ten-foot ceilings and a wrap-around porch. (D. Klavitter/Dupaco photo)

Caption for Thumbnail: eAdamDadOutsideClose08262010.jpg
Adam Shepherd (left) with his father, Stephen Shepherd, after a long-day preparing for Adam and his daughter to move into the home. (D. Klavitter/Dupaco photo)

Caption for Thumbnail: eShepherdSignsErvolinoWatch08132010.jpg
On closing day for Adam Shepherd’s home purchase, Dupaco Community Credit Union Assistant Member Services Representative Paul Ervolino (left) watches Shepherd sign documents for his home loan. Ervolino was Shepherd’s financial coach during the seven months it took Shepherd to save for his down payment. The closing happened on August 18 at Dupaco’s Asbury, Iowa, branch. (D. Klavitter/Dupaco photo)

Caption for Thumbnail: eShepherdDigmanSmile08132010.jpg
On closing day for Adam Shepherd’s home purchase, Dupaco Community Credit Union Assistant Vice President of Mortgage Lending Jeann Digman (right) explains loan documents to Shepherd. The closing happened on August 18 at Dupaco’s Asbury, Iowa, branch. (D. Klavitter/Dupaco photo)

Caption for Thumbnail: eShepherdErvolinoShakeHands08132010.jpg
After signing his final real estate document with Dupaco’s Jeann Digman (right), Adam Shepherd thanks Dupaco’s Paula Ervolino, who coached Shepherd and helped him achieve his savings goal through the credit union’s IDA program. The closing happened on August 18 at Dupaco’s Asbury, Iowa, branch. (D. Klavitter/Dupaco photo)


   
   
Iowa Credit Union Foundation | 1500 NW118th Street | Des Moines, Iowa 50325 | P 800.860.6180 | info@iowacreditunionfoundation.org