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Individual Development Accounts (IDA)

What is VIDA?

The Valley Individual Development Account (VIDA) program provides training and support to people as they save for ma jor life and financial goals. VIDA is a partnership between CASA of Oregon and member agencies.

What is an Individual Development Account?

  • An IDA is a matched savings account available to individuals with limited resources and that can be used for specific assets.
  • It is an asset building tool:
  • “An asset is anything of value that can be converted into cash. Assets are owned by individuals, businesses and governments.”
  • IDAs require regular monthly deposits, financial education, and training for your asset.
  • IDAs are case managed by IDA specialists.
 		  

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Why save with an IDA?

  • Get your money matched $3 to every $1 deposited Create the habit of saving
  • Reach goals set personally
  • Build financial skills
  • Further career and household stability
  • Access other assets

What can I save for with an IDA?

  • Post-secondary Education
  • First-Time Home Ownership
  • Home Repair/Rehabilitation

How much can I save with an IDA?

  • You can save up to $1,000 per year
  • Savings period can be from 6 to 36 months
  • The match is $3 to every $1 saved
  • The minimum monthly deposit is $25 ($300 /year)
  • TIP: If you save the maximum of $3,000 over 3 years, that’s $9,000 in matching funds!

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