The Oregon Individual Development Account (IDA) Initiative will reach all corners of the state in 2010, thanks to the support of a wide range of Oregonians. Neighborhood Partnerships is happy to report that we received contributions over $4.7 million dollars to support the IDA Initiative. In what was described as one of Oregon’s worst economic years in decades, we saw support for the Initiative increase by over $100,000 from 2008. Hard working Oregonians will benefit as they are supported by Initiative partners to increase their future financial stability and resilience.
Support for the Initiative has a broad base, thanks to the collective efforts of all our partners and donors. Nearly 30% of contributions came from donors giving between $50 and $1,000.
Over 95% of every dollar raised goes to support Oregonians seeking to start or expand a small business, pursue higher education, or purchase their first home. Every dollar a participant saves toward their goal is matched by three dollars of Initiative funds. Thanks to the State of Oregon’s support of the Oregon IDA Tax Credit more than 1,200 individuals to date throughout Oregon have met their savings goals and purchased their asset. And, through the research collected by Portland State University’s Regional Research Institute, we know that IDAs are a proven, effective tool for building hope, stability, and life skills. See the results of the PSU Survey.
Applications for 2009 IDA Initiative funding were received on January 14, 2010. Six of our existing non-profit partners requested funds to broaden their IDA programs to reach underserved areas and populations in our state. Thanks to your support we will be able to provide funds that will allow these organizations to help approximately 750 new participants start down the road to financial stability in 2010. Neighborhood Partnerships and Oregon Housing and Community Services will announce grantee awards in early February.
And remember—it’s never too early to make your 2010 Tax Credit contribution. There is no need to wait to the last minute when you can make your donation today! For more information go to our IDA Homepage. You can also download the 2010 Donor Form.
Thank you again for your support. We couldn’t have done it without you!