Individual Development Account (IDA)

Individual Development Account (IDA) is sponsored by DevNW. DevNW offers an Individual Development Account (IDA) program for qualifying Oregonians to leverage their savings for financial goals. The program encourages strong saving habits, helps individuals attain asset ownership, and builds generational wealth.

Individual Development Account (IDA) Individual Development Account (IDA) Individual Development Account (IDA) Individual Development Accounts (IDAs) are a resource for qualifying Oregonians to leverage the power of their own savings in support of their financial goals. The IDA program is designed to encourage strong saving habits, help individuals attain asset ownership, and build generational wealth.

Registration requires an annual DevNW Membership. Build your saving muscles, watch your savings grow. IDA participants can earn matching funds at a 5:1 ratio to their savings goal towards the attainment or maintenance of assets, such as home ownership or repair, acquiring post-secondary education, vehicle ownership or repair, rental assistance, microenterprise, or debt repayment.

In most cases, IDA participants earn $6,000 in matching funds once they've reached their savings goal of $1,200. IDA participants will have between 3 months ("Fast Track" option) and 36 months (maximum) to reach their savings goal. DevNW receives state funds to make the IDA program possible.

The match money is not a loan and does not need to be paid back. Learn more about the Oregon IDA Initiative here . General Eligibility Requirements Participants must meet the following general eligibility requirements for the IDA program: Primary residence located in Oregon.

Have a household adjusted gross income, according to household size, at or below 80 percent of the median for your county. Check here for details . Have a household net worth at or below $20,000 (excluding the value of one's home, if a home owner, one vehicle, and up to $120,000 in retirement accounts).

How Does the Program Work? Cost: $75 fee for a DevNW Membership . DevNW IDA participants have several responsibilities: Work with a DevNW Asset Building Specialist to create a budget based on 30 days of tracked expenses, reflecting one's ability to reach a set savings goal.

Make progress towards one's savings goal in a custodial savings account jointly owned with DevNW. If you would like more information on the IDA program or our Youth IDA program, contact us via email at: . DevNW clients who complete the pre-application requirements will be provided with an opportunity to register for the IDA applicant lottery, which will be conducted multiple times throughout each year.

The number of annual applicants will be determined each spring and are funding dependent.