In January 2022, Governor Brown announced a $400 million request to address Oregon’s continuing housing crisis in light of the COVID-19 pandemic. Within this request contains a $35 million request for individual development accounts.
The Oregon IDA Initiative is pleased to support this request, and asks for your help in advocating for this important investment for Oregon IDA savers.
IDAs are matched savings accounts that improve the financial future of Oregonians with lower incomes. In addition to matched savings, IDAs help build hope and stability by providing information about financial systems and coaching that supports participants’ unique financial goals. IDAs have helped build financial fitness and wealth since 1999.
Since the beginning of the pandemic, many IDA savers have been able to continue working toward their dreams by utilizing this important wealth-building tool. Savers who experienced destabilizing financial hardship due to the pandemic had the opportunity to tap into their savings as a way to stay afloat, or access emergency savings funds at a critical moment when impacted by the recurring wildfire seasons in Oregon.
Neighborhood Partnerships, as the contract administrator of the initiative, has seen IDAs serve Oregonians who are hardest hit by the financial hardships of COVID-19 and wildfires. Through our network of community-based partners in all corners of the state, IDAs have a track record of reaching Oregonians with extremely low incomes, urban and rural Oregonians, and Oregonians of all races and ethnicities in order to provide the means to grow intergenerational wealth and fortify families during financial crisis.
$35 million is a much-needed investment in this program, which will allow the IDA Initiative and our partners to:
- Support existing demand, reduce waitlists, and fully meet demand in all corners of Oregon,
- Support homeownership IDAs, allowing savers to reach their down payment goals,
- Support education IDAs, allowing savers to save towards tuition, and rely less on student debt,
- Provide resources for existing and prospective savers who were impacted by wildfires, and
- Build capacity for community-based organizations to reach unserved and rural communities
Please consider extending your support for the Oregon IDA Initiative in the following ways:
- Please consider filling out this form to list you or your organization’s endorsement of this request.
- Write to your legislators using this helpful tool which allow you to send messages to your representative and senator. The tool lists a form letter, but we highly encourage you to add in your own experiences as an IDA saver or provider.
Click here to view our one-pager detailing Governor Brown’s request and how that funding would be utilized.
Oregon IDA Initiative – www.oregonidainitiative.org
Contact:
Loren Naldoza, lnaldoza@neighborhoodpartnerships.org, 503-266-3001 x107