Siletz Saves! Individual Development Account Program
Increase Your Assets!!
What is the Siletz Saves! IDA Program?
An IDA is a combination of financial education and showing you how and why you should save. In this Program you will gain lots of hands on knowledge and be able to save up to $3,000 over 3 years. As a bonus you will have your savings matched with $3 for every $1 you save. So, you can earn up to $9,000 in matched savings and have as much as $12,000 to use it to buy a first home!
What do I have to do to be part of the IDA program?
Your most important obligation will be the commitment you make to Program. The IDA program requires that you:
Apply and pay the $25 joining fee
Attend 4-5 weeks of financial education courses, and;
Commit to saving a set amount every month, and;
Attend Savings Club meetings once a month, and;
Use your savings to buy your first home.
Who is eligible to join the IDA Program?
Enrolled tribal member of the Confederated Tribes of Siletz Indians
Live in the Siletz eleven county service area
To be eligible for the program your household total income must be at or below the amounts shown below 80% of area median income. Please see program details for current income limits.
First time homebuyer
Household net worth must be less than $20,000
Must be 18 years or older
Must either have a savings account or be able to open one.
Save the required minimum amount each month.
Where can I learn more about the IDA Program?