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NEOEDD Participates in IDA Auto Savings Program

Applications accepted July 20 – Sept. 20, 2016

Northeast Oregon Economic Development District (NEOEDD) is offering limited participation in a pilot that extends its Individual Development Account (IDA) program reach to include vehicle purchases. Applications will be accepted from Jul. 20 to Sept. 20; between one and three IDA savers will accepted into the program. Once accepted, program participants receive free money-management and car-maintenance instruction, helping them build fiscal responsibility and saving habits that can last a lifetime.

People with low-to-moderate income who seek funds for a vehicle purchase needed for their employment are encouraged to consider the IDA, which provides a 3-to-1 savings match. Someone who completes the pilot program may save up to $2,000, with a match of up to $6,000. Up to $8,000 total!

“The IDA program is not a grant, it’s an earned incentive coupled with goal-setting, education and practical experience saving over a period of 6 to 36 months,” says NEOEDD’s executive director, Lisa Dawson. “It’s essentially a financial-responsibility program, and it provides an excellent source of funds for someone who needs to buy a vehicle.”

The 2016 household income limits for eligibility are on the IDA page (scroll down); people must be under the limit listed to qualify. There are also limits to overall net worth.

NEOEDD is also open to application for our traditional IDA asset classes, small business or continuing education! Anyone who is interested in learning more about this program can visit NEOEDD’s website (http://neoedd.org/content/individual-development-accounts), or call the office at 541-426-3598. Applications may be requested from IDA Specialist Kristy Athens, kristyathens@neoedd.org.

The Northeast Oregon Economic Development District’s mission is to provide resources and facilitate quality decision-making for the benefit of entrepreneurs, businesses and communities in Baker, Union, and Wallowa counties. Learn more about its programs and business support at www.neoedd.org.