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Volume 2, Issue 3, 2002   Federal Reserve Bank of Dallas

Compass Bank and Austin's Foundation Communities have partnered in an IDA program for the past five years.

Foundation Communities' IDA: Five Years of Savings

In 1997 Foundation Communities in Austin, Texas, in partnership with Compass Bank, began offering Individual Development Accounts (IDAs) to residents of its affordable, multifamily housing developments. Today, the program has 137 IDA account holders, and participant savings and matched funds total more than $400,000. Of the 39 participants who have completed the program, 16 have used their IDA savings to purchase homes. Read more  »

Melissa Garcia, Foundation Communities' IDA Director, Shares Best Practices

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News & Events

  • The IDA Network serves as a gateway to information about IDA-related initiatives, issues and resources. Read more Off-site page
  • Learn more about Austin's Foundation Communities, a nonprofit affordable housing developer and IDA sponsor. Read more Off-site page
  • On June 21, the Federal Reserve Board published revisions to Regulation C, which implements the Home Mortgage Disclosure Act. The amendments relate to thresholds for determining the loans for which financial institutions must report loan pricing data, lien status of applications and originated loans, and information monitoring of telephone applicants. Compliance begins Jan. 1, 2003, for information monitoring of telephone applicants and Jan. 1, 2004, for thresholds and lien status. Read more Off-site page
  • Federal Reserve Board Vice Chairman Roger W. Ferguson Jr.'s reflections on financial literacy. Read more Off-site page
  • Federal Reserve Board Governor Mark. W. Olson talks about financing options for small businesses. Read more Off-site page
  • The Federal Reserve Bank of Dallas is hosting a New Markets Tax Credit workshop in Dallas on July 23 and in El Paso on July 24. Representatives from the CDFI Fund will provide an overview of the NMTC program, including how to apply for a tax credit allocation. Community development experts and bankers will discuss how the tax credits can be used. Read more Off-site page
  • The Faith and Philanthropy Institute, in partnership with the Dallas Affordable Housing Coalition, The Enterprise Foundation, the Fannie Mae Foundation and others, is sponsoring the 2002 Moving Beyond the Walls workshop on Sept. 10–13. The training is designed to help develop critical management skills and strategic perspectives to start, manage and grow a faith-based community development organization. Read more Off-site page
  • The Enterprise Foundation Network Conference will be held in Dallas on Oct. 30–Nov. 2. The conference will feature ways to find affordable-housing financing solutions, leverage the New Markets Tax Credit, efficiently manage programs, put together tax credit deals that work and more. The conference will also feature The Enterprise Foundation's 20th Anniversary Gala Dinner on Oct. 31. Read more Off-site page
  • The Federal Reserve is sponsoring the conference "Banking Opportunities in Indian Country" on Nov. 18–20 in Scottsdale, Ariz. This national conference is designed to encourage initiatives and partnerships that increase access to credit and capital and strengthen local economies. Read more Off-site page

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