Oregon Housing and Community Services (OHCS) and Neighborhood Partnerships (NP) award $6.62 million to help families and individuals save and build assets. The funding was granted to 11 organizations in support the Individual Development Account (IDA) Initiative.
IDAs are an economic empowerment tool that supports people in reaching financial goals by matching their savings up to five-to-one and connecting them with community-based education and support. A statewide network of more than 60 IDA providers reaches rural and urban communities.
IDAs combine financial education, matching cash with savings, and personalized support to achieve financial goals, such as homeownership, small business development, and post-secondary education. These modest investments bring a host of benefits to Oregon households, including a safety net in the event of financial emergencies, confidence to plan, and a pathway to economic mobility.
Support for the IDA Initiative comes through the Oregon IDA Tax Credit. Donors to the Oregon IDA Initiative can receive a majority of their donations back as an Oregon State Tax Credit and the remaining amount as a Federal Charitable Deduction. Learn more about the Oregon IDA Initiative.
