By Janet Byrd
The Oregon Individual Development Account (IDA) Initiative 2016 evaluation report, released Friday, tells an exciting story of the impact the Initiative and its partners are having in communities across Oregon. Neighborhood Partnerships is proud to work with our partners and to support their work to build stronger communities by investing in the personal and financial growth of individuals and, by extension, build strong communities throughout Oregon. An infographic is also available to summarize some of the evaluation data.
Individual Development Accounts (IDAs) are a powerful tool to help individuals and families with low incomes build assets and move towards goals. IDAs are a two part strategy, offering matched savings to accelerate progress towards goals plus coaching and skill building to ensure steady progress.
The evaluation data shows that the strategy works, both by helping individuals meet immediate goals of homeownership, business creation, education, among others, but also by building and reinforcing lasting habits – budgeting, detailed planning, savings. The data also show that we are reaching those Oregonians that most need new tools – Oregonians with very low incomes in all parts of the state, including our rural areas, and communities of color. Since 2015, the Initiative has expanded its focus to add innovative strategies, including credit building, working with youth as they leave foster care, and others.
The Oregon IDA Initiative is funded by a tax credit which offers contributors to Neighborhood Partnerships an Oregon state tax credit of up to 70% on all contributions. We are grateful to our many generous supporters. We encourage you to learn more about the tax credit and how you could support this exciting work.