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Supporters urge steady funding for Oregon Individual Development Accounts; bill would create dedicated fund and quarterly allocations
Summary
Witnesses at the House Higher Education Committee public hearing recommended passing HB 3809 to stabilize funding for Oregon’s Individual Development Account (IDA) initiative, proposing a dedicated state fund and quarterly allocations of $2.5 million from the Lottery administrative services economic development fund.
Proponents of Oregon’s Individual Development Account (IDA) initiative told the House Higher Education Committee on March 25 that HB 3809 with the -1 amendment would restore stable funding for the state’s matched-savings program and expand access for low- and moderate-income Oregonians.
Representative Ricky Drees opened the public hearing describing the IDA program as a proven tool that helps participants save and invest toward higher education, home ownership and small business development. He said the dash-1 amendment replaces an original one-time general fund appropriation proposal with a structural change: creation of an Individual Development Account Fund in the state treasury and quarterly allocations of…
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