Individual Development Account (IDA)
IDAs help save for rent, home buying, and vehicle purchases
Individual Development Account (IDAs) are available to eligible Oregon residents, providing them with a valuable tool to use their savings effectively toward achieving their financial objectives. The program aims to foster responsible saving behaviors, assist participants in acquiring assets, and create a legacy of wealth of future generations.
What is an IDA?
The Individual Development Account (IDA) is a special savings account to help individuals of modest finances save money to invest in a home. The IDA program is a 5-to-1 matched savings program. This means that for every $1 you save, the program will match it with $5. Once you reach your savings goal, the money may be spent on your home purchase. In addition to saving money, participants learn about financial management and specific asset education through free, required classes facilitated by Community Connection. The objective of the IDA program is to encourage a habit of saving money in order to increase future assets.
Frequently Ask Questions
What can an IDA be used for?
There are three main expenditures an IDA account can be used for:
- Obtaining rental housing: first and last months’ rent, security deposit, and/or applications fees.
- First-time Homebuyers: Down payment, closing costs, home inspections, appraisal, and/or earnest money.
- A first-time homebuyer is defined by HUD as someone who has not owned a home within the last three years.
- Vehicle: Complete purchase of a vehicle, or as a down payment on a vehicle that is being financed.
What are the eligibility guidelines?
Participants must meet the following general eligibility requirements for the IDA program:
- Primary residence located in Oregon.
- Have a household adjusted gross income, according to household size, at or below 80 percent of the median income for your county.
- Have a household net worth at or below $20,000 (excluding the value of one’s home, if a home owner, one vehicle, and up to $120,000 in retirement accounts).
