IDA Income and Net Asset Eligibility Test
Haven Sundstrom of Blazing Chef used her IDA
funds to open a restaurant. You can visit The Blazing
funds to open a restaurant. You can visit The Blazing
Chef at 102 Thomason Ln, Eugene, Oregon 97404.
There are two key eligibility requirements to qualify for a matched-savings Individual Development Account. First, you must meet one of the following income guidelines:
- Your household is at or below 200% of poverty level (see chart below.)
- You qualify for the Earned Income Credit.
- At least one member of your household is receiving Temporary Assistance for Needy Families (TANF) funds.
20011/12 Federal Poverty Guidelines (200% of Poverty Level)
| Household Size | Annual Gross Income |
| 1 | $21,780 |
| 2 | $29,420 |
| 3 | $37,060 |
| 4 | $44,700 |
| 5 | $52,340 |
| 6 | $59,980 |
| 7 | $67,620 |
| 8 | $75,260 |
| Each Addt'l person | $3,820 |
Second, you must also have less than $10,000 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.
For more information, you may contact Leah Murray at murrayl@clearwire.net or 541-463-4619.
