How do I become Eligibile:
- Must be at least 15 years old
- Must be an Oregon resident
- Must be income eligible (see Eligibility Quiz)
- Must pass “net worth test”
- Must be able to spend funds within 6 months of reaching end date
- If you receive TANF, or the Earned Income Tax Credit , then you may qualify for VIDA.
- If you have low-to-moderate income you probably qualify for VIDA.
- A representat ive from a VIDA partner organizat ion can help determine if you qualify for the program before you apply.
As an IDA saver you will:
- Open your account within 30 days of receiving your enrollment acceptance letter from CASA Oregon
- Maintain good record-keeping practices (keep deposit slips, withdrawal document, receipts, email, etc.)
- Participate in 10 hours of Financial Education course
- Take part in minimum of 6 hours of asset-specific training
- Make monthly deposits of at least $25 with no missed deposits
Stay on track to reach your goal by the designated end date
Work closely and communicate often with your specialist
Complete all required paperwork for enrollment, withdrawals, and program graduation
Be prepared to purchase your asset within 6 months after savings end dateRemember the big picture; you are achieving a major life goal!
Using IDA Funds:
- IDA funds are held in a separate account at one of CASA’s partner financial institutions
- The account is a co-signed/joint account so you need permission to withdraw your funds
- Contact your IDA specialist in order to make a withdrawal
- Withdrawals can be made only for your designated asset
- You may access funds as early a 6 months into the savings period
- Funds are always payable to the vendor
- Depending on your asset, talk to your IDA specialist on the ways you can use your IDA funds