Dream$avers IDA

What is the Dream$avers IDA Program?

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.

Am I Eligible?

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/

What Can I Save Towards?

How do I apply for the program?

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:

We will use our lottery system to select a group of applicants from those who have submitted their questionnaire into our lottery. This will be based on the number of slots we have available for each quarter.
Those that are chosen will receive notification that they have been selected to move forward and will receive instruction on how to schedule their required group orientation of the program, after which, they will receive the application for the Dream$avers program and go through the final eligibility process and if supporting documentation proves eligibility, will begin the program.
Those not selected will remain in the lottery for that funding year (April 1st – December 31st) and have a chance each quarter to be chosen.
We will pull new groups of applicants in April 2022, July 2022, October 2022, and January 2023. Those chosen through the lottery should receive notification by email during the first week of those months.
Those not chosen, will receive an email notifying them after each lottery pull, that they did not get chosen this time and reminding them of the next lottery pull date.
You only need to enter yourself into the lottery system once a year and will remain entered until January of 2023.
Those who entered the lottery after the start of January next year (2023), will be entered into the following year’s lottery and any who are currently on the lottery list will need to resubmit their lottery questionnaire by going to our website and clicking on the link, filling it out and submitting again. An email notification will be sent to those on the current year’s list in January to remind them to resubmit their questionnaire if they are still interested in the program.

Dream$avers IDA

What is the Dream$avers IDA Program?

Am I Eligible?

What Can I Save Towards?

How do I apply for the program?

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