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Oregon Individual Development Account Initiative Program
The Oregon Individual Development Account Initiative was created in 1999 by the Oregon State Legislature to bring together state agencies, private non-profit, and tribal partners, and private contributors, to create opportunity in Oregon. Today, the Initiative is composed of the State of Oregon, under the leadership of Oregon Housing and Community Services Department and the Oregon Department of Revenue, and a host of private partners and contributors working together to help Oregonians achieve their dreams. The Initiative is managed by a statewide 501(c)3 organization, Neighborhood Partnerships.
Participants are Oregonians with low incomes. They enroll through one of many non-profit organizations located in all corners of the state, set a goal and begin saving. Once the participant's goal is reached and all parts of the savings plan are completed, every dollar saved by a participant is matched by the Initiative, typically three dollars for every one dollar saved. Private contributors provide the matching funds through a state tax credit. Initiative participants may benefit from matched funds to help them purchase a home, fulfill an educational goal, develop and launch a small business, restore a home to habitable condition, or purchase equipment to support employment.
Oregon residents twelve years of age and older who have low incomes and modest net worth may be eligible for the program. Residents work with a participating non-profit organization to define and reach their goals.
People interested in participating can find a local organization here: http://www.oregonidainitiative.org/.
What are IDAs?
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