During the months of Hispanic Heritage Month (September 15-October 15) and LGBTQ History Month (October), NeighborImpact is spreading awareness about its Individual Development Account (IDA) program, which gives diverse communities the opportunity to overcome barriers and achieve financial goals.
Individual Development Accounts (IDAs) are matched savings accounts that allow individuals and families to save and generate money for a specific savings goal. For every $1 participants save, they receive a match of an additional $5, for up to $10,000 of match funds. The program is State of Oregon funded and delivered under contract with Neighborhood Partnerships.
Through NeighborImpact, participants can use their IDA to save for a down payment or closing costs for a new home; start or expand a business; purchase a vehicle; and other specific savings goals. The program is especially beneficial to communities which have been historically excluded from these accomplishments. To date, NeighborImpact has distributed nearly $3.2 million to 449 IDA program participants in Central Oregon. Funds provided to program graduates have facilitated the start-up of 86 local business, 177 home purchases and enabled reliable transportation for 36 individuals.
“If you provide the right tools, people are the best to setting their own path forward,” said NeighborImpact HomeSource Director Sonia Capece. “People are the best stewards of their financial lives.”
To be eligible for the program, applicants must reside in Crook, Deschutes, Jefferson counties or at the Warm Springs reservation and have a qualifying household income at or below limits listed here, with preference extended to individuals who come from challenging circumstances.
The Oregon IDA Initiative is supported by funding from the Oregon IDA Tax Credit. For more information, go to oregonidainitiative.org/donateIDA. To learn more about NeighborImpact’s IDA program or to apply, visit neighborimpact.org/ida.
