Designed to help build assets through a matched saving account, Individual Development Accounts (IDAs) provide financial skills needed to save for life-changing economic transformations such as home ownership or going to school to get a better job or to prepare for purchase.
IDA participants earn a match for saving toward the purchase of an asset such as their first home, post-secondary education, a vehicle to maintain or attain gainful employment or assistive technology for work.
An IDA works by providing a 3-to-1 match for your savings up to certain limits.
NEDCO obtains state and federal funds to make the IDA program possible. The match money is a grant to you; it is not a loan and does not need to be paid back. Learn more here.
General Eligibility Requirements
You must meet the following general eligibility requirements to participate in the program:
- Be an Oregon Resident
- Have a household adjusted gross income, according to household size, at or below 80% of the median for your county. Check here for details.
- Have a household net worth at or below $20,000. Please see the attached IDA Net Worth Calculation Worksheet.
How Does the Program Work?
As an IDA participant, you have several responsibilities:
- Complete a total of 16 hours of education – 8 hours of financial education (Financial Foundations) and 8 hours of education specific to the asset you are saving for.. You must complete Financial Foundations prior to enrollment. Click here to find a class in Lane, Marion or Clackamas counties.
- Demonstrate your ability to save by saving at least $25 in your own savings account for two consecutive months before applying for the IDA program (you can do this while you are completing the Financial Foundations course).
- Work with a NEDCO Asset Building Specialist to create a budget based on 30 days of tracked expenses, reflecting your ability to save on a monthly basis to reach your savings goal.
- Establish a savings goal and timeline for completion including making regular monthly deposits toward your goal in a joint/custodial account with NEDCO.
- There is a $60 IDA application fee collected at the time of enrollment into the program.
How Do I Get Started?
The first step is to enroll in our Financial Foundations Education Series (required 8 hours of financial education).
See the current class listing and fees here.
In addition to Financial Foundations, you will need to also complete a second 8 hour class specific to the asset you are saving for. Your NEDCO Asset Building Specialist will help get you registered for the appropriate second class and next steps. Beyond your required education, NEDCO offers an array of other topical financial wellness workshops to take advantage of during your NEDCO Membership year.
If you would like more information on the IDA program or our Youth IDA program, contact us at your local office. IDAs are funding-dependent, on an participant-eligible first come, first served basis.
*Refunds for services are available only in extenuating circumstances. No refunds will be given within 48 hours of a class or appointment.*
If you would like more information on the Oregon IDA Initiative, visit the state-wide program website today.
Success Story: A home of his own- Abel Poton
Abel opened a door to a new beginning by accomplishing his dream of purchasing his first home in August 2011. Abel’s determination to succeed and his vision to provide a secure home of his own for his three children helped him reach his goal. Read More