One of the great programs that I have had the pleasure of working with is the IDA (Individual Development Account) program. This program can be used to accumulate a down payment to buy a home on a 1 to 3 ratio. For every dollar the participant saves, the IDA program contributes $3. Pretty good ratio, I think. However, today I found out from NEDCO (Neighborhood Economic Development Corporation of Lane and Marion Counties), one of the IDA program organizations, that they are out of money for the program.

This is a very worthwhile program and is mostly funded by donations but one with a twist. As the savings program is an enhanced program, so is the donation program. The donation can be taken as a tax credit, not just a deduction on the Oregon Tax return. According to the Oregon Department of Revenue website:

The credit is the smaller of $75,000 or 75 percent of the donation made. It cannot be more than your Oregon tax liability. You may not claim both the tax credit and a charitable deduction or business deduction for the same contribution. If you claim the credit you will have an addition on your Oregon return for the amount deducted. If you were required to reduce your itemized deductions because of your adjusted gross income you will need to recalculate your Oregon addition.

This is really a win-win situation. If you want to make a donation to a worthy cause, this one really gets a lot of bang for the buck. Check out the IDA website here for complete information and maybe make your donation online. More questions, take a look at this success story about the IDA program. You can also contact NEDCO directly with donations, they would be happy to help you with that. Check out their website for information. With both HAP (Eugene Homeownership Assistance Program) and SHOP (Springfield Homeownership Program) out of money, we are looking for other methods to help first time home buyers.

If I can help you with your preparation to purchase a home, give me (Fred Chamberlin) at call at 541-342-7576/541-221-3455 cell or e-mail me today. It is not too late to get on the track to homeownership. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401.