IDA Matched Savings Program
Community Collaboration
With
“Support people and strengthen communities”
The Father’s Group has partnered with NeighborImpact to bring awareness and access to the IDA Matched Savings Program. Please read through this page which describes the requirements to participate in the lottery that allows you to gain access to this fantastic opportunity!
What is the IDA
Individual Development Accounts (IDAs) are matched savings accounts that allow individuals and families to save and generate money for a specific savings goal.
For every $1 you save, you receive a match of an additional $5. You can save up to $2,000 of your own funds and be matched with up to $10,000!
You can complete the lottery entry questionnaire using the link below. Submission of the questionnaire will automatically enter you into the lottery for the program if you are eligible (Must be resident of Deschutes, Jefferson, Crook Counties or Confederated Tribe of Warm Springs). One Entry puts you in the lottery for the remainder of the program year. We pull lottery once/month and email/call those who get selected (please check your junk folder!)
Be sure to indicate “The Father’s Group” as the organization that referred you to the IDA Program
NeighborImpact offers the following types of IDAs:
Am I Eligible?
- Household income must be at or below the following Pre-Tax/Gross Income limits based on County:
Jefferson and Crook County
- Participants must complete a Financial Education portion, in addition to one-on-one coaching. Additional education is required for specific IDAs.
- Further restrictions and requirements apply
What’s Next
- If you meet initial eligibility criteria, you will be entered into a computerized lottery system.
- Names will be selected periodically based on slot availability. We will email you if/when you are selected in the lottery.
- Names will remain in the database until all the slots have been allocated for the year.
Frequently Asked Questions
"Don’t I make too much to qualify?"
Income is assessed at the time of entering the program, not during the lottery process. If your income changes throughout the year, don’t discount yourself. Enter the lottery anyway! Please refer to the income requirement image above on this page. The income limit changes annually and is dependant on family size.
"What if my credit isn’t great? Will that stop me from being eligible?"
There are no credit requirements to participate in this program. Whether you have good credit, bad credit, or no credit at all, this program can help you. And the good news is, during this program you will learn good credit practices.
"How long does it take to finish the program and get the funds?"
The IDA savings match program lasts a minimum of 1 year and a maximum of 3 dependent on how fast you save and complete the workshops.
"Is this just another program that sounds good but ends up being hard to actually use?"
Here are the main requirements:
- Meet the listed income guidelines
- Have, or be able to open a bank/credit union account
- Live in Central Oregon (Warm Springs & Deschutes, Jefferson, & Crook counties)
- Have net liquid assets up to $20,000 (retirement, home, and vehicles do not count against this amount).
"What can I actually use the money for?"
This program can be used toward the following:
- A downpayment or closing costs for a Home purchase,
- Emergency Savings
- Purchase a vehicle (car, truck, RV, or tiny home)
- Post secondary school, trade schools, or job training
"Is this one of those things where I have to pay the money back later?"
No. The money is yours to keep!
"Will this affect my benefits like SNAP, TANF, or other benefits?"
No, this program does not affect any government based benefits, however, if you receive Social Security Disability, please let your IDA Specialist know.
"What if I’ve never done a budget before—can I still participate?"
Absolutely!
"Do I need to have money saved already to start?"
No, but if you choose to participate, you will need to save money monthly. There is a minimum of $5/month.
"What is the time commitment for this program?"
This program requires attending a Financial workshop, 8 hours of financial education (provided by Neighbor Impact). This is comprised of 4, 2 hour classes. You will meet with your councilor at least 3 times throughout the program. More meetings can be schedule as needed. Depending on your savings goal, there are additional educational requirements not more than 9 hours total. Maintaining quarterly communications with your specialist is required
"I’ve tried other programs before and got denied—how is this one different?"
Previous experiences with other programs does not affect elligbility or approval determinations for the IDA program. If you do not make it into this lottery, please continue to apply.
How many times can I enter my name in the lottery?
Enter your name once a year and it will remain in the running for a spot for the full program year even if you are not selected right away. In July of each year, we will let all previously entered lottery participants know that it is time to resubmit. Please check your email.
"Can I apply even if I’ve made mistakes with money in the past?"
Absolutely. It is encouraged as you will learn money management practices during the process.
Check out our FAQs available in English and Spanish
Learn more about the Oregon IDA Initiative here
More Information: (541) 323-6567 or homesource@neighborimpact.org
The Oregon IDA Initiative is supported by funding from the Oregon IDA Tax Credit. for more information, go to: https://oregonidainitiative.org/donateida/
NeighborImpact proudly serves Deschutes, Crook and Jefferson counties and the Confederated Tribes of Warm Springs
The Father's Group | Growing Together
Office
412 SW 8th St Redmond, OR 97756
Tax ID
84-2691067
Business Hours
Mon-Fri 9am-5pm
Mailing Address
P.O. Box 5008
Bend, OR 97708
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