Since 2010, Community Vision’s Financial Empowerment Program has been assisting people with developmental and physical disabilities in financing the bigger goals in life and educating individuals about safe and effective money management. With Community Vision’s support in developing their own assets and securing affordable credit, individuals can access new technologies, adapt their homes to their specific needs, and build their credit to ensure long-term independence.
Financial and Asset Development Coaching
We offer financial classes and individual coaching on financial matters. Financial classes incorporate instruction that is tailored to the needs and learning styles of each saver. We can assist with opening and maintaining ABLE accounts, help brainstorm around estate planning and Special Needs Trusts, and provide long-term visioning for financial stability. We will provide effective referrals to legal experts as necessary.
Individual Development Accounts (IDA) Program
The largest piece of the Financial Empowerment Program is individualized management of IDA Accounts.
- How much money can I get by using an IDA?
- Up to 36 months and $3,000 in personal contribution savings ($1,000 per year of participation) matched with $9,000 in state match funds ($3,000 per year of participation) for a total fund of $12,000 possible after 3 years.
- Possible uses:
- Secure rental housing (first/last month’s rent and deposits)
- Buy a vehicle
- Fund post-secondary education (tuition, necessary supplies, books)
- Buy assistive technology to aid a disability, with an employment goal
- Start or sustain a small business
- Home repair to improve habitability or accessibility
- There are no costs for monthly monitoring of your IDA account
- Financial education and asset education components of the program are provided at no cost
- Education Requirements:
- 2 hour introductory seminar
- 10 hours of financial education suited to your needs
- 8 hours of asset education (learning about your purchase)
- Am I eligible?
- Income at or below the median income by county: $49,250 for a household of one in Multnomah County and Washington County
- You can be eligible for IDA if you have income from working, receive solely SSI or SSDI benefits, or have a mixture of both. IDA funds are structured to protect SSI and SSDI benefit eligibility.
- Provide proof of all applicable income sources
- Provide proof of Oregon residency and all purchases must be in the State of Oregon
- What if I encounter problems saving?
- If someone misses 3 deposits over the life of their IDA they are automatically exited. To avoid this, you can request a Leave of Absence for 6 months. Your account will remain open and you will not have to make a deposit.
- You can exit the program at any time without a penalty fee. You will get the total amount you were able to contribute while in the program. You will NOT be eligible for match funds.
Please keep in mind: Space is limited and you may be asked to wait for enrollment. At this time we no longer offer homeownership IDAs.
Social Security Certified Community Partner
- Information about SSI/SSDI, Medicaid and Medicare rules and regulation
- Referral to individualized coaching and support
Financial Empowerment Coordinator