OAR 813-300-0005: Purpose and Objectives

OAR 813, division 300, is promulgated to accomplish the general purposes of ORS 315.271 and 458.670 through 458.700, as they pertain to the Housing and Community Services Department and its supervision of individual development accounts ("IDAs"). These statutes, among other things, authorize the creation of IDAs between lower income account holders and authorized fiduciary organizations. Through these IDAs, account holders may deposit funds into an FDIC-insured or NCUA-insured financial institution account, to accumulate assets that may be used by account holders in a manner consistent with personal development plans developed in conjunction with their participating fiduciary organization. The fiduciary organizations, in turn, deposit IDA matching funds toward each corresponding IDA in an account designated for the benefit of IDA account holders to augment account holder assets upon successful completion of IDA requirements. The fiduciary organizations also provide their expertise in coordination of the personal development plans. Fiduciary organizations primarily obtain matching funds from contributions made to the Oregon IDA program (the “Oregon IDA Initiative”). These contributions to the Oregon IDA Initiative may qualify the contributor for a tax credit under ORS 315.271