The Valley Individual Development Accounts (VIDA) collaborative offers Oregonians who have low-income, training and support while they save in a matched savings account to reach major life goals. They save in an Individual Development Account (IDA), in which, for every dollar they save, three are added. The Oregon IDA Initiative seeks to make a difference in communities by building financial resilience and creating pathways to prosperity.
Since 2001 VIDA has worked with nonprofit partners (Members) to help make IDAs available throughout the state. VIDA is a program of Community and Shelter Assistance Corporation of Oregon (CASA), a non-profit organization acting as the Fiduciary Organization for the VIDA network.
Individual Development Account: Individual Development Accounts, or IDAs, are matched savings accounts that build the financial management skills of qualifying Oregonians with lower incomes while they save towards a defined goal such as – homeownership, business development, higher education, and employment opportunities. IDAs support movement out of poverty, support wealth creation in low income communities, and provide models for economic success to individuals and their communities.
- Match Rate: 3:1
- Maximum Savings Matched: $3,000
- Maximum Match: $9,000
- Maximum Savings Matched per Year: $1,000
- Participation Period: 6 to 36 months (+ 6 mo spending period)
- Choose one of the five eligible asset types and show capacity to save
- Be at least twelve years old and purchase ready within timeline
- Household net worth cannot not exceed $20,000, excluding a primary vehicle, a primary home (if applicable), and up to the first $60,000 of a modest retirement account
- Adjusted gross annual income of the household must not exceed one of the following by household size: 80% of area median income by county of residence, 80% of state median income, or 200% of poverty (income limits found in appendix)
- Have an eligible source of income
Call Community in Action at 541-889-9555 for more information.