Neighborhood Partnerships is excited about the year ahead and our expanding opportunities to build household financial resilience through the Oregon Individual Development Account (IDA) Initiative.
We wrapped up a successful year in 2012 by reaching our $10 million goal, thanks to the Oregon IDA 75% Tax Credit. We are grateful to the many individual and businesses across Oregon who contributed so generously and helped us hit this milestone.
These contributions will go to work across the state to create opportunities for at least ,1400 more Oregonians with low incomes who are eligible to enroll and start saving with an IDA. The Oregon IDA Initiative is a proven approach which provides access to financial education and matching funds to achieve dreams of owning a home, starting a micro-enterprise, or continuing education for the over 2,500 Oregonians currently enrolled. For more information on the Oregon IDA Initiative, including information on how to donate and how to apply for an Oregon IDA, visit our website.
Stay tuned in the coming weeks for news of the 2013 Oregon Asset Builder’s Conference on April 23-25 in Salem. The 2013 Conference will bring us together to be energized, inspired, and even better equipped to move forward. We are currently working with our partners to plan, and we’re seeking ideas for break-out sessions. We’d love to hear your proposal! Ideas are due on February 8. You’ll see more information about the Conference and registration instructions soon.
In the 2013 Legislature, were also working together to make a small change in the statutes governing the Initiative that will allow us to better serve Oregon households with low incomes. Right now, State law exempts $20,000 plus a potential IDA participant’s first home and one vehicle from the net worth calculation when determining eligibility, but includes all retirement savings, even at very modest levels. These current limits on assets mean that many of our Initiative Partners have had to turn away otherwise eligible participants because of their modest retirement savings.
We are proposing that the first $60,000 of the applicant’s retirement savings also be exempted from the calculation of net worth. We’ll be working together to pass HB 2316. This proposed technical adjustment to the original legislation removes a barrier to building the very habits the Initiative is designed to foster. We need to empower Oregonians to build pathways to overall financial wellness throughout their lives – including successful, planned retirements. We need to reinforce the value of saving for the future. Please join with us in supporting this change.
For more information or with questions about our proposal, contact Janet.