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Dream$avers
(IDA Program)
Earn
300% interest on your savings!!!
Dream$avers is an individual development account (IDA) program that encourages
adults and youth to build assets. This program encompasses 3 important branches
of development: education, savings and purchase of an asset. It is available to
residents of Douglas, Coos, Curry, Jackson, Josephine, Klamath and Lake counties
in Southwest Oregon whose annual household income is at or below 80% of their
county's median household income.
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Savings goals must align with one of the following savings tracts:
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Down payment,
closings costs or required repairs by a lender for homeownership.
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Small business
start up or expansion.
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Post secondary
education or job training.
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Purchase of
equipment, technology or specialized training required to become
competitive in obtaining or maintaining employment.
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Improvements,
repairs, or modifications necessary to make or keep account holder’s
primary dwelling habitable, accessible or visitable for themselves
or a household member.
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Participants save up to $2000 over the
course of 1 to 3 years. For every dollar saved into their account, up
to $2000, Dream$avers matches it with 3 dollars. This means that a
participant can save $2000 and receive $6000 in matched funds. For those
participants who need to save from 6 to 12 months, the maximum amount
they can save is $1000 and the maximum match is $3000. The matched funds
are reserved in a separate account and are not deposited into the
participants account.
For more information, contact
Rebekah Bassett,
Brenda Lewis, or
Mike Charette, at 541
673-4909.
Application |
For Coos, Curry, Douglas, Josephine, Klamath
and Lake counties, the maximum household income cannot exceed the higher of the
County or State Median Family Income (MFI):
| Household size |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
| 80%
County MFI |
$27,050 |
$30,900 |
$34,800 |
$38,650 |
$41,750 |
$44,850 |
$47,950 |
$51,000 |
| 80% State
MFI |
$33,000 |
$37,700 |
$42,400 |
$47,100 |
$50,900 |
$54,650 |
$58,450 |
$62,200 |
For Jackson County, the maximum household
income cannot exceed the higher of the County or State Median Family Income:
| Household size |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
| 80%
County MFI |
$29,600 |
$33,850 |
$38,050 |
$42,300 |
$45,700 |
$49,050 |
$52,450 |
$55,580 |
| 80% State
MFI |
$33,000 |
$37,700 |
$42,400 |
$47,100 |
$50,900 |
$54,650 |
58,450 |
62,200 |
The IDA initiative is paid
for by Oregon state tax credits that are purchased by Oregon residents. Oregon
law prohibits using the funds for any purpose other than the previously
mentioned savings tracts.
Meet some of our IDA Super Stars
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