ARLINGTON, VA (November 16, 2022) – Arlington Community Federal Credit Union 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.
Arlington Community FCU 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 Arlington Community FCU, 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 Arlington Community FCU’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 out-sized 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 Arlington Community FCU’s community initiatives, visit www.arlingtoncu.org/community.
About Arlington Community Federal Credit Union
For 70 years, Arlington Community FCU (arlingtoncu.org) has been committed to empowering the financial lives of its members. The credit union serves more than 23,000 members who live, work, worship, volunteer, attend school, and do business in Arlington, the City of Alexandria, the City of Falls Church, and Fairfax County. Arlington Community FCU has $471 million in assets and four branch locations in Arlington, Alexandria, and Falls Church, VA.
Founded in 1989, APAH now helps more than 2,600 households live in stable, secure, and affordable rental homes. APAH has more than 300 affordable apartments under construction and an additional 1,500 in its development pipeline. APAH’s Columbia Hills Apartments received the 2019 ULI Washington Trends Award for Excellence in Affordable Housing. And both Columbia Hills and Gilliam Place, APAH’s most recent projects, were recognized as Virginia’s Best Affordable Housing project by Virginia Housing. In 2020, APAH was named one of the nation’s Top 50 Affordable Housing Developers by Affordable Housing Finance magazine. The organization was named 2021 Developer of the Year by HAND, the Housing Association of Nonprofit Developers. In 2022, APAH’s Queens Court Apartments received HAND’s award for the Best Large Affordable Housing Project.