Oregon IDA Initiative Announces 2012 Awards

Neighborhood Partnerships and the Oregon Individual Development Account (IDA) Initiative are pleased to announce awards to IDA providers who serve Oregonians with lower incomes across the state in 2012. The award decisions were made jointly with Oregon Housing and Community Services (OHCS), which provides fiscal and program oversight of the IDA program. Over seven million dollars was awarded to five non-profit organizations that either directly provide IDAs or manage a network of IDA providers: CASA of Oregon, Mercy Corps Northwest, the Native American Youth and Family Center, NeighborWorks Umpqua, and the Portland Housing Center.

IDAs are a proven tool to help people with lower incomes build assets that put them on the pathway toward the middle class and greater financial security. The Oregon IDA Initiative is a matched savings program which helps people build assets and become more financially resilient. Participants in the program learn how to set financial goals, build their credit, use a budget, and evaluate financial services. They then save for a specific asset that will increase their long-term financial stability including: purchasing a first home, starting or expanding a small business, or more education. Participants also receive asset-specific training like Home Buying 101 or Business Planning. Successful participants make monthly savings deposits until they reach their goal. Their savings are then matched, and they’re able to purchase their asset!

Since it began, the Initiative has served thousands of Oregonians, including 2500 Oregonians who have successfully saved and purchased their asset and 1600 more that are currently enrolled and making progress on the path to greater financial security.

We also know the Initiative works! The Oregon IDA Initiative has a long-term, independent evaluation conducted by Portland State University’s Regional Research Institute. Through the evaluation, the Initiative, donors, and partners are able to see promising and lasting results for the Oregonians who have participated in the IDA program. The evaluation shows improvements to overall financial wellbeing, satisfaction with their financial status, an increase in regular deposits and use of budgets. Participants also start emergency fund savings, and are more able to pay bills or rent on time. This program truly changes the lives of participants. It helps create pathways to financial resiliency and the middle class, and it helps Oregon rebuild our economy.

Neighborhood Partnerships is proud of the accomplishments of the Initiative and its partners. We administer the Initiative and resources for the program are raised annually through contributions from individuals and businesses that are eligible for the Oregon IDA 75% Tax Credit.

If you are interested in learning more about becoming an IDA participant, please visit our website at www.oregonidainitiative.org for more information or contact us at 503-226-3001. If you’re interested in learning more about the 2012 awards, please download a full summary of them here.

Posted in IDA, News.