IDAs: What Are They and Who Can You Partner With?
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Transcript of IDAs: What Are They and Who Can You Partner With?
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www.oregonidainitiative.orgwww.neighborhoodpartnerships
.org
IDAs: What Are They and Who Can You Partner With?
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www.oregonidainitiative.org
Why IDAs?What are IDAs? What is the Oregon IDA Initiative?
•History & Structure• Funding – State Tax Credit• Impact and Evaluation
How do I connect with the Oregon IDA Initiative? What’s next for Oregon IDAs?
Presentation Overview
IDAs = Individual Development Accounts
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www.oregonidainitiative.org
Why IDAs?
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www.oregonidainitiative.org
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www.oregonidainitiative.org
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www.oregonidainitiative.org
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What are IDAs?IDA = Individual Development AccountsMatched Savings Accounts•Typically at 3:1 rate
Available Asset Classes:•Homeownership•Education•Microenterprise•Home Repair/Renovation•Assistive Technology
IDAs = Individual Development Accounts
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www.oregonidainitiative.org
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What are IDAs? – Account Requirements
IDAs = Individual Development Accounts
6 month minimumMinimum deposit of $25/monthlyMaximum match available $3000/yearFinancial and Asset Specific EducationPersonal Development Plan
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www.oregonidainitiative.org
Who qualifies for a state IDA?Oregon ResidentAt least 12 years oldWithin Income Limits by County
•2015 Multnomah County = $41,200 for 1 personNet Worth less than $20,000Commit to:
•6 months minimum saving, $25 min/month, fin. ed. and asset specific ed., other program requirements.
IDAs = Individual Development Accounts
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www.oregonidainitiative.org
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www.oregonidainitiative.org
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www.oregonidainitiative.org
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www.oregonidainitiative.org
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Oregon IDA Initiative Graduate
“Averages” Typically Matched: 3:1 Average Savings: $1720 Average Match:$4720 Average Time: 19 Months “Graduation” Rate: 64.5%
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www.oregonidainitiative.org
Created in 1999 by State Legislature 2001 – Tax Credit shift from 25% - 75% 2003 – NP partners with Initiative 2007 – NP leads Initiative management 2007 – Home Repair + Assistive Technology
added … 2015 – Tax Credit renewed at 70%, new
asset classes added
Oregon IDA Initiative
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www.oregonidainitiative.org
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www.oregonidainitiative.org
Donors = Individuals and Businesses
Up to 70 cents on every dollar donated• $10,000 donation = $7,000 tax
credit
$7.5 million in state expenditure available annually
Oregon IDA Tax Credit Overview
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Use budget Know credit score
Keep emergency
fund
Deposit to savings acct
Deposit to retirement
acct
0%
10%
20%
30%
40%
50%
60%
70%Graduates Non-completers
One year after exit, more graduates report practicing good financial habits ‘often’ than participants who did not complete their IDA.In both groups, a minority report that they make deposits into a savings account 'often'.
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www.oregonidainitiative.org
Survey respondents said: Concrete impact:
“I have a house!” “It helped me start my business…has brought me the most
financial stability I’ve ever had.” “I am no longer in debt and my credit score significantly
increased”Changed behaviors:
“I now have a little nest egg for when things in life accidentally happen. I feel more secure about my future and don't worry as much about money ”
“I learned I can save, create goals, and make them happen.”
OREGON IDA INITIATIVE’S IMPACTS:PSU’S REGIONAL RESEARCH INSTITUTE EVALUATION
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Longer term impacts“…realizing the impact that even saving $20/month can have over time. I have gained the confidence, courage to branch out.”
“My house helps me become a better neighbor and creates a legacy for me to pass on generationally”
“I am thrilled to have earned my master's degree, which has afforded me greater self-esteem and provided a good role model for my daughter.”
OREGON IDA INITIATIVE’S IMPACTS:PSU’S REGIONAL RESEARCH INSTITUTE EVALUATION
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www.oregonidainitiative.org
OREGON IDA INITIATIVE’S IMPACTS:PSU’S REGIONAL RESEARCH INSTITUTE EVALUATION
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www.oregonidainitiative.org
OREGON IDA INITIATIVE’S IMPACTS:PROJECT IMPACT INTERVIEWS
Having means, means a whole lot
Hope in ChangeDancing to the beat of your own IDA
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www.oregonidainitiative.org
What’s next?Data Roadshows -
https://oregonidainitiative.org/roadshow/
New Tax Credit MechanismExpansion to Allowable Asset Purchases:
Rental of a primary residence*Hiring employeesPurchase of AutomobileRetirement SavingsCredit as Asset
Innovation, evolution, and linkages
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www.oregonidainitiative.org
Jessica Junke, Director of Economic OpportunityOregon IDA InitiativeNeighborhood Partnerships(503) 226-3001 ext. [email protected]
www.oregonidainitiative.orgwww.neighborhoodpartnerships.org