Individual Development Accounts (IDAs) are a resource for qualifying Oregonians to leverage the power of their own savings in support of their financial goals. Habitat for Humanity of Oregon partners with local Habitat offices to offer access to Home Purchase IDAs and Home Repair IDAs.
IDA participants increase the power of their own savings by earning a $5 match for every $1 they save, up to an established savings goal. While in the program, IDA savers take financial education classes and learn more about purchasing and maintaining a home.
Habitat for Humanity of Oregon partners with local Habitat offices to connect Oregonians to this asset-building tool. Together, our network of service providers works in collaboration with the Oregon IDA Initiative to offer Home Purchase IDAs and Home Repair IDAs.
IDA participants work with a staff member to create a savings plan that fits their financial situation, open a savings account and begin saving towards their goal. The IDA provider sets aside a matching amount for the saver, usually $5 for every $1 deposited in the saver’s account, up to the established goal. IDA savers are also expected to complete the financial education requirement and take classes to learn more about purchasing and maintaining their homes.
The match funds reserved for the IDA saver become available as the saver completes their financial goal and educational requirements.
You are eligible for an IDA if you fit the following criteria:
To test your program eligibility, use the IDA Eligibility Tool.
To begin your journey, contact an IDA provider in your area. If your local Habitat for Humanity office isn’t listed below, please use the IDA search tool to find a different provider serving your community.
IDA providers in the Habitat Oregon network include:
Please note that yearly funding for IDAs is limited.
The Oregon IDA Initiative is administered by Neighborhood Partnerships and is supported by funding from the Oregon IDA Tax Credit. The IDA Program is designed to encourage strong saving habits, help individuals attain asset ownership and build generational wealth.
For additional information about the Habitat Oregon IDA Program, please contact IDA Network Program Manager Gina Valencia.