IDA Income and Net Asset Eligibility Test
funds to open a restaurant
There are two key eligibility requirements to qualify for a matched-savings Individual Development Account. First, you must meet the low-income guidelines (which are lower than our standard guidelines for participation to take classes or get technical assistance.) You must meet one of the following guidelines:
- Your household is at or below 200% of poverty level (see chart below) or 80% of the Lane County guidelines.
- You qualify for the Earned Income Credit.
- At least one member of your household is receiving Temporary Assistance for Needy Families (TANF) funds.
2009/10 Federal Poverty Guidelines (200% of Poverty Level)
| Household Size | Annual Gross Income |
| 1 | $21,660 |
| 2 | $29,140 |
| 3 | $36,620 |
| 4 | $44,100 |
| 5 | $51,580 |
| 6 | $59,060 |
| 7 | $66,540 |
| 8 | $74,020 |
| Each Addt'l person | $7,480 |
Or 80% Lane County Guidelines
| Size of Family Unit | Annual Gross Income |
| 1 | $32,200 |
| 2 | $36,800 |
| 3 | $41,400 |
| 4 | $46,000 |
| 5 | $51,580 |
| 6 | $59,060 |
| 7 | $66,540 |
You must also have less than $20,000 in net assets. The net asset calculation excludes your primary home and your first car. For example, you own a home worth $145,000, one car worth $10,000 and $15,000 of other assets. You owe $7,500 on your credit cards. You would be eligible for the program because your house and car are excluded from the calculation of the net worth.
There is an application fee of $50 will be assessed for all new applications. These funds are used by eDev to partially defray it's administrative costs. For more information, you may contact Leah Murray at murrayl@clearwire.net or 541-463-4619.
