Governor Brown Announces Awards to Help Low-Income Individuals to Save

Press Release

Governor Kate Brown is pleased to announce funding awards of more than $9 million, which will give Oregonians with low incomes hope for their future and a pathway out of poverty through asset building.

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 dreams and critical foundations of economic stability for themselves, their families and their communities. 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 $9 million in awards are allocated throughout the state to over 100 local nonprofit organizations through 10 Initiative partners. A full list of the awards can be found online at http://oregon.us2.list-manage1.com/track/click?u=4...

"The American Dream means everyone has an opportunity to achieve," said Tom Drummond, Executive Director of College Dreams in Josephine and Jackson counties. "The students we work with at College Dreams have faced many barriers, making success in life difficult. But hard work, perseverance and IDAs help make a life-changing education possible. IDAs are great for the kids and the future prospects of Oregon communities."

The Initiative was created in 1999 by the Oregon State Legislature to bring state agencies, private nonprofit and tribal partners, and private contributors together to create opportunity in Oregon. The Oregon IDA Initiative is managed by Neighborhood Partnerships, a statewide nonprofit organization, with oversight from Oregon Housing and Community Services and Department of Revenue. The Initiative is being considered for renewal by the 2015 Legislature.

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