Grant Money is Now Available for Home Purchases in Lane County, Oregon.
Individual Development Accounts is designed to help build assets through a matched saving account. Individual Development Accounts (IDAs) provide financial skills needed to save for life-changing economic transformations such as home ownership or going to school to get a better job or to prepare for the purchase.
IDA participants earn a match for saving toward the purchase of an asset such as their first home, post-secondary education, a vehicle to maintain or attain gainful employment or to start a business.
An IDA works by providing a 3-to-1 match for your savings up to certain limits.
NEDCO (Neighborhood Economic Development Corporation) obtains state and federal funds to make the IDA program possible. The match money is a grant to you; it is not a loan and does not need to be paid back.
How Does the Program Work?
As an IDA participant, you have several responsibilities:
- Complete a total of 16 hours of education – 8 hours of financial education (Financial Foundations) and 8 hours of asset-specific training. You must complete Financial Foundations prior to enrollment.
- Demonstrate your ability to save by saving at least $25 in your own savings account for two consecutive months before applying for the IDA program (you can do this while you are completing the Financial Foundations course).
- Work with a NEDCO Asset Building Specialist to create a budget based on 30 days of tracked expenses, reflecting your ability to save on a monthly basis to reach your savings goal.
- Establish a savings goal and timeline for completion including making regular monthly deposits toward your goal in a joint/custodial account with NEDCO.
- There is a $60 IDA application fee collected at the time of enrollment into the program.
How Do I Get Started?
The first step is to enroll in our Financial Foundations Education Series (required 8 hours of financial education).
Sign up below if you want to learn more about this program.
*You will be contacted by Stepping Stone Mortgage.
Stepping Stone Mortgage
272 W 11th Ave. Eugene, Or. 97401