Individual Development Account (IDA)

OHCS is pleased to announce an award of $3,619,718 to support the 20-21 IDA Initiative program. The Oregon Individual Development Account (IDA) Initiative helps build hope for Oregonians with low incomes by providing matched savings opportunities, information about financial systems, and coaching that meets savers where they are at and supports their financial goals. IDA savers bring their own motivation and hard-earned resources, and the Initiative multiplies their dollars. For twenty years, this has been one of Oregon’s best tools to improve financial prospects for individuals and families living on low incomes. A special "thank you" to our IDA Initiative partners for their inspiring dedication and outstanding service to Oregonians. See Award list IDAs in Oregon here.

IDAs have helped Oregon individuals and families successfully save, stabilize financially, and pursue financial goals for twenty years. Created in 1999 by the Oregon State Legislature, IDA brings state agencies, private non-profit and tribal partners, and private contributors together to create opportunity in Oregon. IDA’s are match savings accounts, which provide Oregonians, 12 years and older, the opportunity to build financial skills while they save towards a defined goal, and for every dollar they save the Initiative typically matches three dollars. IDAs are used to further education, attain homeownership, start a small business, and pursue other asset-building goals. IDA is managed by Neighborhood Partnerships, which is a statewide non-profit organization that has served Oregon for 25 years. OHCS provides oversight and leadership capacity to support the Initiative in its entirety in collaboration with the Oregon Department of Revenue. The Initiative is operated by a group of 10 non-profit organizations referred to as Fiduciary Organizations – two of the fiduciary organizations manage a combined 70+ affiliate partners and together they create a strong and effective network, which allows Oregonians to access IDAs in all 36 counties.

 

Learn about IDA at: