Check out the Oregon IDA Initiative’s matching savings plan! This isn’t only for home purchases!
Initiative participants may receive matched funds to help them:
- purchase a home,
- fulfill an educational goal,
- develop or launch a microenterprise (a very small business),
- restore a home to habitable condition, or
- buy equipment to support an employment goal.
Typically, depending on the provider, they will match every $1 of your savings with a $3 contribution, up to $3000. This means if you save $1000, they will add an additional $3000 for a total of $4000 towards your home purchase(varies by provider) Check out the site for guidelines and qualifications. You can also reach out to them for assistance directly:
503-226-3001 x 101
Individual Development Accounts, or IDAs, are matched savings accounts that build the financial management skills of qualifying Oregonians with lower incomes while they save towards a defined goal. IDAs build pathways of opportunity and create models of economic success in Oregon communities.
The Oregon Individual Development Account Initiative invests in the personal and financial growth of individuals to build strong communities throughout Oregon. The Initiative was created in 1999 by the Oregon State Legislature to bring state agencies, private non-profit and tribal partners, and private contributors together to create opportunity in Oregon. Today, the Initiative is composed of the State of Oregon, under the leadership of Oregon Housing and Community Services Department and the Oregon Department of Revenue, and a host of private partners and contributors working together to help Oregonians achieve their dreams. The Initiative is managed by Neighborhood Partnerships.
Participants enroll through one of the many partners located in all corners of the state, set a goal and begin saving. Once the participant’s goal is reached and all parts of the savings plan are completed, every dollar saved by a participant is matched by the Initiative, typically three dollars for every one dollar saved. Initiative participants may benefit from matched funds to help them purchase a home, fulfill an educational goal, develop and launch a small business, restore a home to habitable condition, or purchase equipment to support employment.
Oregon residents twelve years of age and older who have low incomes and modest net worth may be eligible for the program. Residents work with a local partner to define and reach their goals.