Federally Funded Individual Development Account Programs in Oregon

ASSISTING FAMILIES AND INDIVIDUALS INCREASE PERSONAL ASSETS

Are you interested in:
Becoming a homeowner?
Becoming a business owner?
Post- secondary education or job training for yourself or family members?

VIDA is a program that will prepare and assist you economically to achieve your goal through Individual Development Accounts known as IDAs.

WHAT IS THE VIDA PROGRAM?

Valley Individual Development Accounts (VIDA) is a program comprised of eight non- profit organizations and a housing authority throughout the Mid- Willamette Valley of Oregon. VIDA’s purpose is to prepare and
assist families and individuals of modest means to accumulate wealth and grow financially through Individual Development Accounts (IDA). The program offers economic assistance as well as training in homeownership, small business, and/ or education or job training.

WHAT IS AN IDA?

An Individual Development Account (IDA) is a special savings account designed to match your savings dollar for dollar. The savings are then invested in the purchase of one of the following assets you choose:
• To buy your first Home,
• Start or expand your own Small Business,
• Go Back to School and pay for your or your family member’s tuition or
• Improve your job skills through a Job Training program.
You and the administrator of VIDA, who is CASA of Oregon, open a savings account at a participating financial institution at a convenient
location. The IDA offers you market rate interests and no service charge.

WHAT IS THE SAVINGS LIMIT & HOW LONG DO I HAVE TO SAVE and plan for a strong financial future?

In order to prepare you for the asset goal you choose, you will attend the appropriate asset training for your goal. Below you will find descriptions of each asset training:
The homeownership training is designed to help first- time homebuyers learn the basics about the homebuying process. You will not only learn the lingo, but you will leave the training better prepared to successfully complete the homebuying process. The small business development training will give you the skills needed to succeed as a small business owner and it will aid you in developing a business plan. A business plan is an essential document that lenders require for receiving an approval of a business related loan.

Education/ Job Training. If your goal is to pay for post- secondary
education or a job training program, this training will assist you in
choosing the best school or Start Your Own Small Business program. It will also prepare you for a successful enrollment.

WHO IS ELIGIBLE?

You must be at least 18 years old, have earned income, meet VIDA income limits, and be committed.

For more information on eligibility guidelines and how to apply, contact the Partner in your area listed below.
*Note that not all partners offer all three asset goals

MARION COUNTY (WOODBURN)
Farmworker Housing Development Corp.
(FHDC)
Contact: Laura Isiordia
Phone:: 503- 981- 1618

POLK COUNTY (DALLAS, INDEPENDENCE, MONMOUTH)
Polk Community Development Corp.
(PCDC)
Contact: Salina
Phone: 503-831-3173

YAMHILL COUNTY
Housing Authority of Yamhill County
Contact: Megan Ramos
Phone: 503- 434- 6571
Yamhill Community Development Corp.
Contact: Terry Larrabee or IDA Specialist
Phone: Toll Free 1- 866- 544- 0191

Updated September, 2006 by Sheila Johnson