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
Financial qualifications:
- 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.
Program Expectations:
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
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Stay on track to reach your goal by the designated end date
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Work closely and communicate often with your specialist
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Complete all required paperwork for enrollment, withdrawals, and program graduation
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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
