What is an IDA?
Individual Development Accounts, or IDAs, are an innovative way for low-income Oregonians to gain greater financial security and work towards a specific goal. IDAs make it possible for our community 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/expanding a small business.
What is an asset?
Assets are anything of value to a community. The Native American community has multiple examples of cultural assets, such as traditional songs, storytelling, knowing how to make regalia. Mainstream society uses the word assets to describe something that can be assigned a monetary value, like a home, a small business or post secondary education. In the IDA Program, you must choose one of these asset goals (homeownership, starting/expanding a small business or post secondary education).
What is NAYA Family Center’s Match Rate & Time Frame?
We offer a 5:1 match rate for all of our asset goals, but each asset goal has different time frames and total match amounts. The time frame depends on you and what your goals are. The longer you save in a monthly IDA account, the more funding you will receive. The minimum you can deposit into an IDA account is $25 per month. All clients must attend Financial Wellness class at NAYA Family Center, which is free of charge and available every other month. All IDA funds are always sent to a third party and never directly to you.
How do I qualify for the program?
All interested applicants must submit a complete application with all required documentation, have an income that meets income qualification levels, have a financial net worth of less than $20,000 (a total of all your assets minus all your debts), complete Financial Wellness & Asset Specific class, be an Oregon resident, have the ability to save monthly, be 18 years old by the time they spend their funds.
What if I change my mind after being accepted into the program?
If you elect to leave the program or are exited for not keeping up with program requirements, your deposited funds will be released to you, but no match will be given. The money you deposit into the account will always be yours whether you successfully graduate the program or not.
Who will help me be successful in this program?
Every client that enters the program will work with an asset specific coach. Our supportive, non judgmental and confidential team consists of: an IDA program coordinator, a homeownership manager, microenterprise coach and an achievement coach. We want you to succeed and we each play a role in helping achieve success in this program.