Individual Development Accounts (IDAs) are an opportunity for people to earn a match for savings toward the purchase of an asset such as their first home.

NEDCO was one of the founders of Valley Individual Development Accounts, VIDA, a collaboration of organizations across Oregon offering IDAs. At this time, NEDCO offers Homeownership IDAs for active Threshold participants who meet the VIDA program guidelines.

VIDA works by providing a 3 to 1 match for your savings up to certain limits. VIDA obtains state and federal funds to make the VIDA program possible. The match money is a grant to you; it is not a loan and doesn’t need to be paid back.

HOW DO I GET STARTED?

The VIDA program is available to active Threshold participants only. If you are interested in using the VIDA program to help you save toward your goal of homeownership, please contact us to get involved in Threshold.

The VIDA program has a household income limit of 80% of area median income (view income chart), and a net worth limit of $20,000.

HOW DOES THE PROGRAM WORK?

As a VIDA participant, you will have several responsibilities:

1. Demonstrate your ability to save by saving at least $25 in your own savings account for three consecutive months before applying for the VIDA program (you can do this while you are completing the Threshold program).

2. Work with NEDCO to create a budget that includes monthly savings.

3. Deposit a predetermined amount of money into an authorized VIDA account each month.

4. Complete financial education and asset-specific training. The Threshold Homeownership Education and Counseling Program and ABC’s of Homebuying are the courses that fulfill this requirement.

When you have completed your savings goal, education and training, you will be ready to use your funds to build your asset.

If you are interested in applying for the VIDA program, complete a Program Application to enroll in Threshold.

If you want more information, contact NEDCO in Lane County at 541-345-7106 or in the Mid-Willamette Valley area at 503-779-2680 or email us.