Since 2010, assisting people who experience disabilities finance 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.
Individual Development Accounts (IDA) Program
1. How much money can I get by using an IDA?
- Up to 3 years and $3,000 savings for a $12,000 fund (6-36 months, maximum $3,000 in match per 12-month period. Thus, 36 months = $9,000)
2. Possible uses:
- Adaptive technology if you or we can make a case for employment
- Securing Rental Housing
- Home Repair to aid in accessibility
- Starting a small business
- Post-Secondary Education
- Vehicle purchase for personal use
3. Saving for your goal:
- $25 dollar minimum deposit per month
- $200 dollar maximum deposit per month
- To be able to receive full match, $84 dollars a month
- While limits are placed on the amount of match funds you can get in a year, there is no maximum placed on an IDA account. This allows you to save as much as you can over the life of your IDA.
- The length of your IDA is based on how much you can save monthly and how much time you need to reach your savings goal. We may ask you to do a pre-savings before enrolling in an IDA to make sure you get used to setting aside money for your goal. This can also help determine how long you should save towards your goal. You can apply your pre-savings to a lump sum contribution once your IDA is opened.
- 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.
5. Education Requirements
- 10 hours of financial education suited to your needs
- 8 hours of asset education (Learning about your purchase)
6. Am I eligible?
- Income at or below for median income by county: $41,850
- You can be eligible for IDA if you have income from working, receive solely SSI or SSDI benefits, or have a mixture of both o 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
7. 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. Unfortunately at this time we no longer offer home ownership IDAs
Financial and Asset Development Coaching
Financial classes and individual coaching available. Instruction is tailored to the needs and learning styles of each saver.
Social Security Certified Community Partner
1. Information about SSI/SSDI, Medicaid and Medicare rules and regulation
2. Referral to individualized coaching and support