Individual Development Accounts (IDAs) are an opportunity for people to earn
a match for savings toward the purchase of an asset such as their first home, a new vehicle for traveling to work, or to start a business.
An IDA works by providing a 3 to 1 match for your savings up to certain limits.
NEDCO obtains state and federal funds to make the IDA program possible. The match
money is a grant to you; it is not a loan and doesn’t need to be paid back.
HOW DO I GET STARTED?
If you are interested in using the IDA program to help you save toward your goal of an auto purchase (as related to employment) or small business development:
Contact us or enroll directly in the Financial Foundations course, a core educational requirement.
Click here for classes in Lane County.
Click here for classes in Marion County.
If you are interested in using the IDA program to help you save toward your goal of homeownership:
Contact us or enroll directly in the Threshold Homeownership course, a core educational requirement.
Click here to register for Threshold in Springfield in English.
Haga clic aquí para registrarse Threshold en Salem en español.
Click here to register for Threshold in Salem in English.
Please use the IDA Program Income Limit Chart to see if you are eligible.
*Income calculations based on annual gross income.*
HOW DOES THE PROGRAM WORK?
As an IDA participant, you will have several responsibilities:
1. Demonstrate your ability to save by saving at least $25 in your own savings
account for two consecutive months before applying for the IDA program (you
can do this while you are completing the Financial Foundations course).
2. Work with NEDCO to create a budget that includes monthly savings.
3. Deposit a predetermined amount of money into an authorized IDA account
4. Complete financial education and asset-specific training. The Financial Foundations course is the
core educational requirement. Additional education specific to your goal is also required.
When you have completed your savings goal, education, and training, you will
be ready to use your funds to purchase your asset.
If you would like more information, contact us at your local office.