IDA Program

A participant from the IDA program standing and smiling in front of the Ford truck they saved for and purchased.

IDA OVERVIEW

The goal of WSCAT’s Individual Development Account (IDA) Program is to assist lower income individuals on the Warm Springs Reservation in moving towards greater self-sufficiency by 

  • Accumulating savings;

  • Purchasing assets; and 

  • Managing their finances wisely

IDAs, or individual development accounts, are matched savings accounts that enable people to accumulate savings and purchase assets. Program participants are responsible for depositing money into savings accounts, for which they receive matched savings contributions. For each dollar participants deposit in their IDA, they receive $5 in matching funds to be used towards purchasing an asset. 

Available assets include:

Click on an asset to view its requirements and allowable purchases.

Most IDAs allow individuals to save $1,200 and receive $6,000 in matching funds. There are a few exceptions to this, including youth education and homeownership, which allow for higher savings and match limits.

IDA Eligibility & Requirements

To qualify for the program in Warm Springs, you must:

  • Be at least 12 years of age

  • Reside, work, or have an address on the Warm Springs Indian Reservation

  • Be able to attend and complete WSCAT’s financial education course

  • Be able to complete WSCAT’s asset specific education course, for their asset

  • Complete financial counseling with a WSCAT staff member.

Since this is a state-wide program funded through a state tax credit (https://oregonidainitiative.org/), participants must meet annual Income Guidelines as published by the Oregon IDA Initiative and have a household net worth of less than $20,000. You can view current eligibility requirements and get a sense of whether you are eligible here: https://oregonidainitiative.org/find-ida-provider/do-i-qualify-2/.

Educational Requirement

IDA clients must do more than be accepted into the program and save their own money to receive the IDA matching funds. All clients must complete financial empowerment training and asset-specific education to help them make the most of their savings. The financial empowerment training course taught by WSCAT is called Building Native Communities: Financial Skills for Families. Learn more about the course on the Personal Finance page. If clients are unable to attend the class in person, they may also complete the online self-paced course: https://oregonidainitiative.org/financial-education/?mc_cid=70c3c23952&mc_eid=3735045174. 

In person asset specific education specific education courses include Pathways Home (see HUD Program) and Small Business Education (see Business Classes). All other courses include a take-home course that is completed on your own and reviewed with a financial counselor before an asset can be purchased.

Counseling Requirement

All participants are required to complete at least one financial counseling session with a HUD-certified WSCAT counselor or business counselor (business clients). In this session, participants will discuss their individual goals and pull a credit report. If a take home course is completed, participants are also required to complete a counseling session to review the curriculum and ensure understanding. (HUD Program and Personal Finance).

IDA Application Process and Program Materials

Please confirm with a staff member that we are currently enrolling in the IDA program before completing an application online. The new program year begins each July. If we are not currently accepting applications, a staff member will add you to a wait list and reach out when we begin enrollment. 

To start the application process, call the WSCAT office at 541-553-3148. 

IDA Application 

Submit the following with Part 1 of your application (or bring to Intake Appointment):

  • Photo ID/Proof of Oregon residency

  • 1 month of consecutive pay stubs from within 30 days of completing part 1

  • If you receive per capita, food stamps, housing assistance, unemployment, pension or a similar payment, please contact the issuing agency for a statement or award letter (in some cases, this can replace pay stubs)

  • If needed, we may also require your most recent tax return and verification of any assets and liabilities

  • Other verification may be required and will be requested, as needed. 

Note: program requirements change occasionally. While we try to keep the information on this page up to date, please contact IDA program staff for most up to date information on program changes.

Additional IDA Resources

Burns IDAs

WSCAT, in partnership with Burns Paiute Tribe, offers Business IDAs to those who live, work, or have addresses on the Burns Paiute Reservation. While the majority of the requirements, such as eligibility and education, are the same, there are some differences in the program. If you are interested in applying for the Burns program, you can complete the same online application and we will go over the rest of the application process with you.