Over $4.3 Million Awarded to Oregon Nonprofits!

Neighborhood Partnerships and Oregon Housing and Community Services are proud to announce the award of $4.397 million to six nonprofit agencies by the Oregon Individual Development Account (IDA) Initiative.

Through the IDA Initiative, low income individuals work with a local nonprofit organization to set a financial savings goal.  Participants save to purchase their first home, start a small business, access higher education, repair a substandard home, or purchase equipment that will help them obtain employment.  Once they have completed financial education classes and met their savings goal, their savings are matched by funds from the Oregon IDA Initiative.

For 2010, funds have been awarded to six organizations serving 29 counties in our state.  They are:

CASA of Oregon, Newberg, $2.213 million
Entrepreneurial Development Services, Eugene, $133,275
Mercy Corps Northwest, Portland, $200,000
Native American Youth And Family Center, Portland, $200,000
Portland Housing Center, Portland, $185,000
Umpqua Community Development Corporation, Roseburg, $1.372 million

The Oregon IDA Initiative provides life skills and a path to a brighter future. The assets Oregonians obtain through the IDA program give them the ability to weather hard times, make a better future for themselves and their families, and build stronger communities. By coupling matched savings with financial education and other supports, the Oregon IDA Initiative fosters hope and opportunity.  Thanks to the great work of these partner organizations, over 1,200 IDA participants have already purchased an asset.  This year’s funding will allow approximately 750 more low income Oregonians to begin saving towards an asset goal in 2010.

The Oregon IDA Initiative is a unique partnership between Oregon Housing and Community Services, Neighborhood Partnerships, non-profit partners across the state, and the public. Individual and corporate charitable contributions to Neighborhood Partnerships, a 501(c)3 organization, are eligible for a 75% State of Oregon tax credit.  These contributions generate the match funds for IDA participants.  In 2009, Neighborhood Partnerships received $4,712,583 million in contributions from average Oregonians who wanted to make a difference and give back to their community.

To learn more about the tax credit and how you can be a part of this great work go to the IDA Homepage.