Individual Development Accounts (IDAs) are matched savings accounts that help individuals save towards a specific Asset (see asset types in “what can I save for” section below). We match every dollar you save in the program with $5. Participants can save up to $1,800 and be matched with up to $9000. Participants in the program must save for at minimum 6 to 12 month depending on the options you choose for your savings amount and have up to 3 years to save the total amount if needed. Match amount and time frame to save vary between savings goal amounts and the participant choices and needs within the program. Example of saving goal amounts, match gained, and the timeframe required to spend.
Each participant is also required to take a financial education course and complete an asset specific education course through NeighborWorks Umpqua along with financial coaching to help our participants become financially resilient. These activities are required before funds can be spent. Some fees may be associated with these courses activities.
You must live within our Dream$avers service areas: Coos, Curry, Douglas, or Josephine County.
Household Income must be at or below the following:
Your Net Assets (your assets – your debts) must be below $20,000. This does not include your primary home, primary vehicle or up to $120,000 in retirement savings. Examples of assets are real estate, vehicles, bank/savings accounts, etc. Example of Debts are Loans, credit cards, medical debt, student loans, etc.
NeighborWorks Umpqua only allows participants to graduate the program once. This means that if you have participated in the program and spent any of the match dollars, you are no longer eligible for the program through NeighborWorks Umpqua. You may still qualify for other IDA programs in your area. You can use this tool to search for other organizations who may offer IDA’s like the Dream$avers program here: https://oregonidainitiative.org/find-ida-provider/
We will be using a new Lottery system for the Dream$avers program this year (April 2022). There is a link to our lottery questionnaire at the bottom of the page. Interested individuals can fill out and submit their questionnaire to be entered into our lottery.
Each quarter starting in April:
Some Service Restrictions Apply. Make Sure To Inquire About Service Availability In Your Are.
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