Matched Savings Account
What is an IDA?
An Individual Development Account (IDA) can help you reach your financial goal sooner. IDA participants earn a $5 match for every $1 they save, up to an established savings goal. For example, in a year, a participant can save up to $1,200 while earning a $6,000 match.
As an IDA participant, you’ll take financial education classes and learn more about purchasing and maintaining your home while using personal savings and match funds toward purchasing or repairing your home.
What can I save for using an IDA?
Columbia County Habitat for Humanity offers access to Home Purchase IDAs and Home Repair IDAs.
To learn more about additional types of saving objectives and other IDA providers in your area, visit oregonidainitiative.org.
Who qualifies for an IDA?
Participants must meet the following eligibility requirements for the IDA Program:
- You are an Oregon resident.
- Your household income is at or below 80 percent of the Area Median Income (AMI).
- Your household net worth is below $20,000. Net worth is the value of what a person owns minus what they have in debt (excluding the value of one’s home, if you are a homeowner, one vehicle, and up to $120,000 in retirement).
- You commit to making regular deposits toward your goal, for a minimum of three months.
- You are willing to work with an IDA provider to complete additional requirementsm including financial education and goal-specific training.
More information available at habitatoregon.org/ida.
How do I enroll?
If you live in Columbia County, contact Columbia County Habitat for Humanity to discuss the process. The application requires a list of assets and debts, proof of Oregon residency, and income documentation (four consecutive weeks).
Columbia County Habitat for Humanity partners with its state support organization, Habitat for Humanity of Oregon, to provide access to IDAs locally.
Columbia County Habitat for Humanity
info@habitatcolumbiacounty.org • 971-203-0020
