Building Personal Assets

June 13th, 2011

Community Vision (CVI) operates on the belief that everyone has the right  to live, work, and feel connected in the community they choose. Financial independence is central to exercising that choice.

Taking steps like these can be challenging for anyone, but it can be especially difficult for adults with developmental disabilities.

The Asset Building Program offers innovative programs that meet these needs within our community. Asset building allows lower-income people to accumulate savings and invest in long-term assets, like education, homes, and careers. AFI is a federal program that allows community-based nonprofits like Community Vision to work with tribal, state, and local governments to create asset-based approaches that allow low-income individuals to gain financial independence.

How do Asset Building and IDAs Work?

The matched-savings account, or IDA program, called  Future Assets for Independence, is part of a statewide program that allows low-income individuals to learn money management skills and save for long-term investments.  A participant commits to a savings plan for a particular asset- investment in post-secondary education, home ownership or adaptation, or starting a small business. Community Vision then matches  monthly deposits at a 3:1 or 5:1 rate. Oregon’s IDA program, started in 1999, receives most of its support from state tax credits. Neighborhood Partnerships, a nonprofit organization, oversees the program, distributing revenue generated from state tax credits to seven nonprofit fiduciaries. Community Vision partners with the largest of those fiduciaries, CASA of Oregon, to deliver IDA services.  We are the only organization in Oregon that offers IDA services specifically tailored to this population, and work with up to 15 IDA participants each year.

IDA savers also benefit from the ability to save without losing benefits, and limited risk to the saver.

Why are Asset Building and IDAs so Important?

People with special needs and learning disabilities tend to experience poverty more often than their peers, own homes less often, and face internal and external barriers in taking on challenging tasks like starting a business.

How successful are IDA programs?

Community Vision services, the organization is grounded in the foundation of person-centered, strengths-based assessment and interaction.  We provide the tools, resources, and support that give the individual the opportunity to participate in the Asset Building Program, but participants themselves direct the course of their savings. Portland State University recently published a study of Oregon’s IDA program effectiveness. While the program improves the savings habits and quality of life for participants throughout the state, we are especially proud that Community Vision is among the most successful fiduciary organizations. While 56%  of Oregon savers graduate, Community Vision is on track to hit 70% retention.  Since the IDA program was launched, over 85% of participants have accrued savings that put them on track to purchase their assets.

Who can participate in the program?

The AFI Program and IDAs are administered through partnerships between federal and  tribal, state, or local governments. In Oregon, the program  is supported by funding from the Oregon IDA Tax Credit. From there, Community Vision and other groups work directly with clients.

Right now, Community Vision can only make IDAs available to clients we already support. As we continue to expand our work, CVI will be able to offer more types of IDAs, and work with participants who are not already supported by other areas of our programing.

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