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In order to save in an IDA, you must meet certain eligibility requirements. In addition, there is a limit to the funds that are available each year. Some IDA providers may not currently accept new applications, while others may have a waitlist you can join. Providers may also have additional eligibility criteria you must meet in order to qualify for their program.
An IDA can be a good tool for you if you can commit to setting aside money on a regular basis (for a minimum of 3 months). You will need to work with an IDA Provider to complete additional requirements included in a personal savings plan, including financial education. IDA providers work with community members with low incomes, senior citizens, students, people with disabilities, veterans, survivors of domestic violence, immigrants, people with limited English proficiency, members of the LGBTQ+ community, and individuals of all races including Black, Indigenous and other BIPOC communities.
You may be eligible for an IDA if:
- You are an Oregon resident.
- You are at least 12 years old.
- Your household income is at or below the IDA Income Limits. Click here to see in detail what is considered income for IDA eligibility.
- The net worth owned by your household is below $20,000 (Net worth is the value of what you own minus what you have in debts. For IDA eligibility, the value and debt of one owned home and one owned car and up to $120,000 in retirement savings may be excluded from the eligibility calculation). Click here to see in detail what must be reported for household net worth upon application.
Note: IDA providers have calculators they must use to make a final decision on income and net worth. Providers may also have additional eligibility criteria you must meet in order to qualify for their program. See our Search Tool to find a provider to help you apply.
More questions about IDAs? See our Frequently Asked Questions page.