Act Now to Empower Oregonians through IDAs

Now is the Time to Act

Now is the time to act. We need your voice to ensure that HB 4131 passes and that the IDA program continues to thrive. Email Senator Elizabeth Steiner and Representative Tawna Sanchez today to urge them to support HB 4131. 

Sample Email

Subject: Please fund HB 4131 and the Oregon IDA Program

Dear Senator Steiner, Representative Sanchez, and members of Ways & Means Committee,

I am writing to urge your support for HB 4131, which provides crucial funding for the Oregon Individual Development Account (IDA) program. The IDA program has a proven track record of supporting individuals and families across our state to achieve their financial goals, whether it’s homeownership, home repair, education, starting a small business, or building emergency savings.

However, without legislative action in 2024, the IDA program will shrink to serve fewer families than at any point in the past 12 years. I urge you to stand with the 31 legislators who have sponsored HB 4131 and provide $10 million for IDAs for the 2023-2025 biennium. This investment will ensure that thousands of Oregonians can build a brighter future for themselves and their families.

[Add your personal connection to the IDA program here if you have one]

Thank you for your attention to this critical issue, and I look forward to seeing your support for HB 4131 and the Oregon IDA program. 

[Your Name]
[Your Address]
[Your Email]
[Your Phone Number]

Individual Development Accounts (IDAs) are a proven solution to some of the biggest financial barriers facing Oregon families. IDAs offer matched savings for asset building, financial literacy training, and community-based support for Oregonians with low to moderate incomes. Participants use IDA match dollars to leverage the power of their own savings in support of self-defined financial goals, including homeownership, starting, or growing a business, and furthering their education.

Without legislative action this year, funding for the program will shrink, leaving fewer families with access to this vital resource. That’s why HB 4131 is so crucial. This bipartisan legislation, sponsored by 31 legislators, calls for $10 million to fully fund the IDA program for the 2023-2025 biennium. 

Five Reasons to Support This Bill

  1. Building Generational Wealth: IDAs offer a pathway for lower-income Oregonians to exercise greater self-determination and make meaningful improvements to their financial well-being. IDAs offer a holistic solution that can help households address their complex financial lives, overcome emergency challenges, protect employment and income, and invest in wealth-building assets. 

  2. Addressing Racial Disparities: The IDA program is a vital tool in addressing racial disparities in homeownership and wealth accumulation. Recognized by the state’s Joint Task Force on Addressing Racial Disparities in Home Ownership, IDAs help bridge the economic and housing gap for communities of color, particularly Black Oregonians, who face significant barriers to accessing traditional financial services. 

  3. Community Impact and Asset Building: The IDA program has a proven track record of positively impacting communities by fostering asset building and financial resilience. With over 17,000 Oregonians served since its inception, the program has supported individuals, particularly those from historically marginalized communities, to achieve their financial goals. 

  4. Economic Growth and Job Creation: Investing in the IDA program not only benefits individual savers but also contributes to broader economic growth and job creation. IDAs stimulate local economies, create jobs, and promote entrepreneurship, leading to stronger and more vibrant communities. 

  5. Bipartisan Support and Legislative Priority: Backed by bipartisan sponsorship from 31 legislators, including Democrats and Republicans in both the House and Senate, HB 4131 has emerged as a legislative priority for 2024. This broad support underscores the recognition of the IDA program’s importance in fostering financial stability and empowerment across party lines. 
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