Next Steps
Find out more about the IDA Initiative: Individual Development Accounts or IDAs are an innovative way for hard working Oregonians to gain greater financial security. Participants select an asset goal (such as purchasing a home or starting a small business), attend financial education classes and save to achieve their savings goal. Once the savings goal is met, which can take from 6 to 36 months, the savings are matched at a rate of $3 for every $1 saved. IDAs are designed to help people become self-reliant through establishing new savings habits and gaining assets. These special accounts provide a powerful incentive for individuals to save money towards the purchase of an asset, and funds deposited into a participant's IDA account may be tax deductible in Oregon.
You can use an IDA to:
- Purchase your first home,
- Go back to school or get more skill training,
- Start and expand a small business,
- Repair or modify a primary dwelling, or
- Purchase equipment or technology in support of an employment plan.
Once you’ve met the criteria and are approved, you open a savings account at a partner bank or credit union. You’ll work with staff from the IDA Initiative to set up a savings schedule and a savings goal. You’ll receive personal financial training to learn how to build a savings habit, repair your credit records, learn basic investment strategies, and manage a small business or household budget.
How do I start?
Start by finding a participating non-profit working in your area. Once you’ve found a non-profit near you, contact them and let them know you’re interested in participating in the IDA Initiative.
Questions? Contact the participating non-profit nearest to you.
