What is an IDA?
What can IDAs be used for?
Am I eligible?
How do I get an IDA?
What happens once I’m enrolled? How does it work?
How do I decide which IDA Provider is best for me?
Who are we? Who runs the IDA Initiative?  

What is an IDA?

An Individual Development Account (IDA) is a matched savings account, where the money you save is multiplied by IDA match money to help you achieve a goal you have set. IDAs are offered by many different community organizations, housing authorities, schools and colleges across Oregon.

What can IDAs be used for?

Oregonians who qualify can save for goals including homeownership or home repair, small business start-up or expansion, post-secondary education or job training, employment-related adaptive equipment, vehicle purchase, and more. Different organizations may not support all these savings goals. For a list of IDA Providers by county and savings goal, use the search tool.

Am I eligible?

Each IDA Provider can help you know for sure if you qualify for their program. You can also go to the “Am I Eligible?” page to see the basic requirements.

Some IDA Providers may not be taking new applications at this time, while others might have a waitlist you could get on. 

How do I get an IDA?

You’ll need to get in contact directly with an IDA Provider near you to apply. You can use the search tool to find the location and contract information for different IDA Providers. 

What happens once I’m enrolled? How does it work?

Once you are enrolled, you will work with a staff member to create a savings plan, take financial education classes, open a savings account, and start saving for your goal. Your IDA Provider will set aside your matching amount – usually $3 for every $1 you save. The matching amount will be available for you to use once you have completed your savings goal.

The amount you decide to save will depend on your goal and your budget. A usual minimum is to deposit at least $25 each month for at least six months. The most match you can receive in a twelve-month period is $3,000. If you save $1,000 and receive the $3 to $1 match rate, you’ll get $3,000 in match for a combined $4,000 to put towards your goal!

How do I decide which IDA Provider is best for me?

Start by identifying IDA Providers near you that offer the savings goal you have in mind, using the search tool. If you find more than one IDA Provider that fits your goals, your next step would be to reach out and talk to someone at each organization. They will be able to give you more information about their program and explain the steps to apply.

Who are we? Who runs the IDA Initiative? 

The IDA Initiative is a network of community organizations that work with partners to bring IDAs into all corners of the state.  

The Initiative is part of Oregon’s Housing and Community Services Department, and is managed by Neighborhood Partnerships.

IDAs are funded through an Oregon State Tax Credit, and there is a limit to the funds that are available each year.