Dreams and goals are powerful things to have. They allow us to act today in support of becoming our best and higher selves tomorrow. For many Oregonians, there is not a clear and direct path to reaching their dreams or achieving future life goals. What if there were a program that could help create a plan, map out the steps and provide some financial support to get you closer to your goals?
The Individual Development Account, or IDA, is that program. IDAs are matched savings accounts that support qualifying Oregonians with lower incomes in gaining assets. This is done through increasing financial management skills while we saved towards a defined goal. IDAs build pathways of opportunity and create models of economic success in Oregon communities, including rural communities. IDAs encourage us to dream big and provide us the support to achieve this.
Neighborworks Umpqua has just launched their own IDA program for Douglas, Jackson, Josephine, Coos and Curry Counties.
What does it entail? As a participant, you enroll in the IDA program, set a goal, and begin saving. Once you have reached your savings goal, and all parts of the savings plan are completed, every dollar you saved is matched by the program, typically three dollars for every one dollar saved. You can use your matched funds to help you become a homeowner, to fulfill and educational goal, to start or grow a small business, to restore a home to habitable condition, or to purchase equipment to support employment.
The requirements for the IDA program are pretty straightforward. You are eligible if:
*You are an Oregon resident
*You are at least 12 years old
*Your household income is below the IDA income limits (set by county)
*The net worth owned by your household is below $20,000
*You can commit to setting aside money on a monthly basis
*You are willing to work with an IDA Provider to complete additional requirement included in a personal savings and financial education plan
To find out more about how the IDA can support you in achieving your goals and to find a provider to get started, please click here.
For more information on Neighborworks Umpqua and their IDA program, contact Arielle at areid@nwumpqua.org.
