What is Dream$avers IDA Program?
Dream$avers is an Individual Development Account or “IDA” designed to help Oregon residents reach for a brighter future by tripling their savings for specific goals. Read more about IDA’s here.
How is the Dream$avers Program Funded?
The Individual Development Account (IDA) Initiative is supported by funding from the Oregon IDA Tax Credit. The Credit allows donors the opportunity to support IDA participants like ours and get back a 70% credit on your State tax return. For more information, visit ida.neighborhoodpartnerships.org
The asset building program for Dream$avers is vast. If you are a resident of Klamath or Lake Counties, approved participants can:
- Save to repair and maintain your home
- First time homebuyer’s can save for down payment & closing costs
- Save to start a small business
- Obtain & retain employment by purchasing reliable transportation
- Dental work to obtain and retain a job
How the Program Works
For every $1.00 saved in an IDA, participants receive a corresponding match which serves as both a reward and an incentive to further the savings habit. Each IDA has the potential to triple or even quadruple your savings based upon eligibility.
Now imagine how fast a small monthly deposit will add up after your savings is tripled!
Approved Savings Goals Offered
Purchasing your first home: Savers under this category must be considered first-time homebuyers and can use the funds for any of the following purposes:
- Down payment
- Closing costs
- Earnest money
- Negotiated construction/reconstruction items when acquiring a home
Home Repairs or Modifications: Savers do not need to have homes that qualify as real property, which means that both singlewide and doublewide manufactured homes and trailer homes in parks qualify under this program. Funds can be used for the following:
Pursuing a higher education:
- Tuition and fees at an accredited education institution
- Expenses for approved Trade School
- Supplies required for courses or instruction
- Equipment necessary to facilitate the duties of a student (i.e. computer, graphing calculator, materials required under a syllabus, etc.)
- Small Business Learn how to develop a business plan using legal structure; Federal, state, & local rules. Learn how to research and market your business, what costs are associated.
- Purchase reliable auto to obtain and retain employment
- Major dental for a smile of confidence to obtain and retain a job
You may be eligible if you are:
- 16 years or older,
- An Oregon Resident,
- Income and net worth qualified, for requirements click here,
- Willing to save for one of the approved savings goals,
- Willing and able to save for a minimum of 6 months to 36 months,
- Can establish a required savings account, and deposit money each month towards your goal,
- Able to complete all required financial education classes, and
- Interested in learning how to better manage and save money.
For current income eligibility requirements contact KLCAS and the IDA coordinator.
Other Program Benefits
Join our program and change your life through:
- Determining savings goals while establishing a regular savings habit
- One-on-one personal budgeting assistance
- Assistance exploring college and vocational school options
- Participating in our Financial Fitness & Home Buying Classes
- Personal support and assistance from knowledgeable IDA program staff
Please contact the IDA Coordinator for an application.
For more information on Individual Development Accounts:
IDA Coordinator and Financial Coach
(541) 882-3500 ext.: *847
Michelle J. Scott
Housing Counseling and Education Manager
(541) 882-3500 ext: *819