What’s an IDA?

This month, we’ll be highlighting some of the asset building work that NAYA does with community. To begin, we’re highlighting an awesome resource called the Individual Development Account (IDA). NAYA’s IDA program provides matching dollars for program participants who save for asset-building activities like starting a business, funding education, or buying a house.

IDAs are an innovative way for low-income Oregonians to gain greater financial security and work towards a specific goal. IDAs make it possible to build financial assets by matching monthly savings for the purchase of an asset. You select an asset goal—such as purchasing your first home, paying for post-secondary education, or starting or expanding a small business.

Then, NAYA offers a 3:1 match rate toward our clients’ asset goals. The longer you save in a monthly IDA account, the more funding you will receive. For some, receiving $3 in matching funds for every $1 contributed to savings can make all the difference in their ability to pay for college, buy a house, or build a business.

To see how to qualify for this amazing program, visit here.