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IDAs: What Are They and Who Can You Partner With?
- 1. www.oregonidainitiative.org www.neighborhoodpartnerships.org IDAs: What Are They and Who Can You Partner With?
- 2. www.oregonidainitiative.org Why IDAs? What are IDAs? What is the Oregon IDA Initiative? • History & Structure • Funding – State Tax Credit • Impact and Evaluation How do I connect with the Oregon IDA Initiative? What’s next for Oregon IDAs? Presentation Overview IDAs = Individual Development Accounts
- 7. www.oregonidainitiative.org What are IDAs? IDA = Individual Development Accounts Matched Savings Accounts •Typically at 3:1 rate Available Asset Classes: •Homeownership •Education •Microenterprise •Home Repair/Renovation •Assistive Technology IDAs = Individual Development Accounts
- 9. www.oregonidainitiative.org What are IDAs? – Account Requirements IDAs = Individual Development Accounts 6 month minimum Minimum deposit of $25/monthly Maximum match available $3000/year Financial and Asset Specific Education Personal Development Plan
- 10. www.oregonidainitiative.org Who qualifies for a state IDA? Oregon Resident At least 12 years old Within Income Limits by County •2015 Multnomah County = $41,200 for 1 person Net Worth less than $20,000 Commit to: •6 months minimum saving, $25 min/month, fin. ed. and asset specific ed., other program requirements. IDAs = Individual Development Accounts
- 15. www.oregonidainitiative.org Oregon IDA Initiative Graduate “Averages” Typically Matched: 3:1 Average Savings: $1720 Average Match: $4720 Average Time: 19 Months “Graduation” Rate: 64.5%
- 16. www.oregonidainitiative.org Created in 1999 by State Legislature 2001 – Tax Credit shift from 25% - 75% 2003 – NP partners with Initiative 2007 – NP leads Initiative management 2007 – Home Repair + Assistive Technology added … 2015 – Tax Credit renewed at 70%, new asset classes added Oregon IDA Initiative
- 18. www.oregonidainitiative.org Donors = Individuals and Businesses Up to 70 cents on every dollar donated • $10,000 donation = $7,000 tax credit $7.5 million in state expenditure available annually Oregon IDA Tax Credit Overview
- 19. 0% 10% 20% 30% 40% 50% 60% 70% Use budget Know credit score Keep emergency fund Deposit to savings acct Deposit to retirement acct Graduates Non-completers One year after exit, more graduates report practicing good financial habits ‘often’ than participants who did not complete their IDA. In both groups, a minority report that they make deposits into a savings account 'often'.
- 20. www.oregonidainitiative.org Survey respondents said: Concrete impact: “I have a house!” “It helped me start my business…has brought me the most financial stability I’ve ever had.” “I am no longer in debt and my credit score significantly increased” Changed behaviors: “I now have a little nest egg for when things in life accidentally happen. I feel more secure about my future and don't worry as much about money ” “I learned I can save, create goals, and make them happen.” OREGON IDA INITIATIVE’S IMPACTS: PSU’S REGIONAL RESEARCH INSTITUTE EVALUATION
- 21. www.oregonidainitiative.org Longer term impacts “…realizing the impact that even saving $20/month can have over time. I have gained the confidence, courage to branch out.” “My house helps me become a better neighbor and creates a legacy for me to pass on generationally” “I am thrilled to have earned my master's degree, which has afforded me greater self-esteem and provided a good role model for my daughter.” OREGON IDA INITIATIVE’S IMPACTS: PSU’S REGIONAL RESEARCH INSTITUTE EVALUATION
- 22. www.oregonidainitiative.org OREGON IDA INITIATIVE’S IMPACTS: PSU’S REGIONAL RESEARCH INSTITUTE EVALUATION
- 23. www.oregonidainitiative.org OREGON IDA INITIATIVE’S IMPACTS: PROJECT IMPACT INTERVIEWS Having means, means a whole lot Hope in Change Dancing to the beat of your own IDA
- 24. www.oregonidainitiative.org What’s next? Data Roadshows - https://oregonidainitiative.org/roadshow/ New Tax Credit Mechanism Expansion to Allowable Asset Purchases: Rental of a primary residence* Hiring employees Purchase of Automobile Retirement Savings Credit as Asset Innovation, evolution, and linkages
- 25. www.oregonidainitiative.org Jessica Junke, Director of Economic Opportunity Oregon IDA Initiative Neighborhood Partnerships (503) 226-3001 ext. 109 jjunke@neighborhoodpartnerships.org www.oregonidainitiative.org www.neighborhoodpartnerships.org
Notas del editor
- If don’t get through the program, if don’t have an asset, appear to be less likely to be engaging in these habits. Currently do not ask non-completers at the time of exit how often they do these, or to reflect on how often they did them before.
- Talk about ripple effects PSU has seen in evaluation of Initiative: “The ‘ripple effects’ we found in participants’ responses to survey items and in the stories they shared reflect the broader and more far-reaching results for individuals, families, and communities. These effects speak to the importance of Oregon’s continued investment and the potential for the IDA Initiative to strengthen Oregon’s economy.”
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