Valley Individual Development Accounts

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Valley Individual Development Accounts

• Rosa Olivares, Program Director
• Linda Woods, Fiscal Manager

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Presentation Overview

• Background on CASA of Oregon
• Background on Individual Development Accounts
  (IDA)
• VIDA Collaborative Program

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CASA of Oregon Background
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CASA of Oregon

• Community And Shelter Assistance Corporation
  (CASA of Oregon)
• OUR MISSION To develop housing, programs and
  facilities that promote the quality of life and
  self-sufficiency of farmworkers and their
  families.
• Private non-profit housing developer established
  in 1988.
• CASA of Oregon provides developer and technical
  assistance services statewide

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CASA of Oregon IDAs

• Administrator of the Valley Individual
  Development Accounts (VIDA) Collaborative Program
• Approached by a group of Community Development
  Organizations and Housing Authorities in the
  Mid-Willamette Valley
• Through VIDA, CASA of Oregon is able to offer
  IDAs, homeownership opportunities, to farmworkers
  and the general population

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Background on IDAs
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Individual Development Accounts (IDA)

• IDAs are matched savings and investment accounts
• Designed to help low-income and low income
  families accumulate a few thousand dollars for
  high return investments in
• Education or Job Training
• Homeownership
• Microenterprise

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How IDAs Work

• Savings of eligible participants are matched by
  private and public institutions
• IDAs are managed by community organizations, and
  the accounts are held at local financial
  institutions partners
• Participation includes financial education to
  improve credit, to create a budget and savings
  schedule to develop long term management skills
• IDAs are a tool not a stand alone program they
  are used in conjunction with existing self
  sufficiency and asset building programs

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Valley Individual Development Accounts (VIDA)

• VIDA is a collaborative between 27 non-profits
  (including CASA of Oregon), housing authorities,
  and financial institutions through out the State
  of Oregon

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VIDA Partners

• Albany Partnership for Housing and Community
  Services
• Corvallis Neighborhood Housing Services
• Farmworker Housing Development Corp.
• Housing And Community Services Agency of Lane
  County
• Housing Authority of Jackson County
• Housing Authority of Portland
• Housing Authority of the City of Salem
• Housing Authority of Yamhill County
• Lane MicroBusiness
• Linn County Affordable Housing
• Linn-Benton Housing Authority
• Neighborhood Economic Development Corporation
• Open Door Counseling Center
• Polk Community Development Corp.
• Salem-Keizer Community Development Corp.
• St. Vincent de Paul of Lane County
• Washington County Department of Housing Services
• West Valley Housing Authority
• Yamhill Community Development Corporation

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VIDA Partners (Continued)

• Siuslaw Valley Bank
• OUR Credit Union
• Citizens Bank
• OSU Federal Credit Union
• Umpqua Bank
• Washington Mutual
• Sterling Savings Bank

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VIDA Structure
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Eligibility Requirements

• Must be able to establish a savings account
• Must be at least 18 years old
• Pre-savings or months of consecutive savings
• Provide proof of enrollment or completion of an
  approved financial education course
• Household net worth lt 10,000
• The household must have earned income

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Eligibility Requirements (continued)

• Adjusted gross income lt 200 of the federal
  poverty line (as determined by the Office of
  Management and Budgets) OR
• Household adjusted gross income that qualifies
  for the Earned Income Tax Credit (EITC) OR
• If a household member is eligible for
  assistance under the Temporary Assistance for
  Needy Families (TANF) program
• For homeownership IDAs, applicant must be a
  qualified first-time homebuyer

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Training Requirements

• 10-12 hours of financial education from a
  certified program/curriculum
• Asset specific training
• Homeownership training (i.e. ABCs of Homebuying)

Match

• 31 For every 1 saved there is a 3 match
• Maximum match is 4,000 for 1,334 of savings
• Total VIDA funds to invest 5,334

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VIDA

• 177 Active IDA participants
• 77 have graduated and reached their asset goal

Figure 4. Program Graduate Asset Purchases
Youth
Business
10
17
Education
16
Homeownership
57
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Contact Information

• Rosa Olivares
• Program Director
• 503-537-0319 x18
• rolivares_at_casaoforegon.org
• Linda Woods
• Fiscal Manager
• 503-537-0319 x19
• lwoods_at_casaoforegon.org