Bill > HB3809

This bill establishes the Individual Development Account (IDA) Fund in the State Treasury, creating a dedicated financial resource for the IDA program administered by the Housing and Community Services Department (HCSD). The bill allocates $2,500,000 quarterly from the Administrative Services Economic Development Fund to the new IDA Fund, ensuring a consistent and predictable funding stream for the program. Individual Development Accounts are typically savings accounts that help low-income individuals build assets by providing matched savings for specific goals like education, homeownership, or starting a business. The funds are continuously appropriated to HCSD to support the implementation of IDA program provisions outlined in Oregon Revised Statutes (ORS) 458.675 to 458.700. Any interest earned on the fund will be reinvested back into the fund. The bill includes an emergency clause, which means it will take effect on July 1, 2025, and is considered necessary for maintaining public peace, health, and safety, highlighting the perceived importance of supporting economic development and financial empowerment for Oregon residents.

Budget and Finance, Education

https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/HB3809