Press Releases and Media Advisories

Utah Issues Announces AAA Fair Credit Foundation as New Host Agency for Utah Individual Development Account Network Due To Growth Expectations

Salt Lake City, UT – July 25, 2006 – Utah Issues Center for Poverty Research and Action is pleased to announce that the Utah Individual Development Account Network (UIDAN) moved to AAA Fair Credit Foundation on July 14, 2006.
UIDAN is an innovative investment program developed by Utah Issues to support and educate low-income families. Individual Development Accounts (IDAs) assist low-income people to build financial assets. IDAs matched savings accounts for modest income individuals and families can only be used for purchasing a home, post-secondary education or capitalizing a small business. Participants earn a $3 match for every $1 they save each month for two years.

The first matched savings accounts in Utah were opened in October 2004 through a statewide collaborative comprised of a broad spectrum of private, public and government entities. Currently sixteen nonprofit partners deliver IDA services in nine counties.

Fifty four low-income people are currently saving toward the purchase of a first home, small business start up or post-secondary education. Collectively, UIDAN participants have saved $22,469, matched by $65,849 in funds made possible through various corporate grants since 2004. Three individuals have completed the program: a couple who saved for a down payment on their home, a 35-year old single mother who saved for education funding, and a 20-year old single mother who saved for the three-bedroom condominium she moved into in April 2006.

"Utah Issues is proud that the IDA program has already helped three families advance toward their dreams, and that many others are moving toward completion of the program," said Jesse Soriano, chairman of the Utah Issues board of directors. "We have a long tradition of incubating innovative programs to help poor people, then spinning them off when they mature and are poised for the next stage in growth and success."

"Utah Issues is confident that UIDAN will flourish under the umbrella of AAA Fair Credit Foundation to serve even more low-income savers." said Doug Macdonald, the new Interim Executive Director.

AAA Fair Credit Foundation currently offers similar financial management programs, so the transition will be smooth and seamless, according to its President Preston Cochrane. "We are pleased to be selected as the new organization to host this program, and see the move as an opportunity to grow and expand our services that help bring hope to individuals with big goals and modest pocketbooks," he said.

The accomplishments of the IDA program are ahead of our expectations to-date, and there is tremendous on-going funding support from the banking community locally and nationally," said Robert Rendon, senior vice president and director of Zion's Bank's Community Reinvestment Act (CRA) department. "We look forward to the future of this promising and viable program." Zions Bank will continue administering the matched savings account program through AAA Fair Credit Foundation.

Martha Wunderli, UIDAN coordinator, thanked Utah Issues for taking the lead in developing the IDA network in Utah. "The staff at Utah Issues and the network of local banks and foundations assisted me in the birth and expansion of this program to help working families develop financial skills and assets and move into the financial mainstream." Those interested in learning more about the IDA program may contact AAA Fair Credit Foundation at (877) 787-0727, or online at www.faircredit.org.

About Utah Issues Center for Poverty Research and Action
Utah Issues is a 33-year old statewide nonprofit organization whose mission is to develop long-term, systemic and sustainable approaches to the problems of poverty. Call Doug Macdonald at 521-2035 ext. 107 or see www.utahissues.org .

About AAA Fair Credit Foundation
Since 1996, financially distressed individuals and families have turned to AAA Fair Credit Foundation (FCF) for help with financial issues. FCF provides free, confidential credit and debt counseling, community and personal money management education, debt management and tax preparation services. FCF is ISO 9001:2000 accredited and is a member of the Better Business Bureau. Services are available in English and Spanish. FCF offers immediate help in-person or by phone at (800) 351-1495.

Press Contact:
Jennifer Rohn
Public Relations Manager
800-351-4195 ext. 301
jenniferr@faircredit.org