Salem, Ore. — Governor Kate Brown is pleased to announce funding awards of more than $9 million to Oregonians with low incomes to help them save for the future.
Awards from Oregon Housing and Community Services will be distributed to a network of nonprofit organizations, which comprise the Oregon Individual Development Account (IDA) Initiative, in communities across Oregon.
The Initiative supports people with low incomes to save for a home, a small business, or their education.
“I’m thrilled to announce the 2015 Oregon Individual Development Account (IDA) Initiative awards,” Governor Brown said. “More Oregonians with low incomes can access pathways out of poverty to build financial security for their families.”
For 15 years, through the Oregon IDA Initiative, Oregonians built foundations of economic stability.In 2014, more than 4,000 people participated: 43 percent saved for an education, 28 percent saved for a new home, 23 percent saved to open a small business. The remaining 6 percent are saving to restore a home to a habitable condition or purchase equipment to support employment.
Participants work with a local nonprofit organization to make a plan to save their hard-earned dollars and build financial skills. Once their savings goal is complete, each dollar they save is matched with an average of $3. The matching funds come from $10 million dollars raised yearly through a 75 percent Oregon State Tax Credit.
The Initiative was created in 1999 by the Oregon State Legislature.
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