OAR 813-300-0005
Purpose and Objectives

OAR 813, division 300, is promulgated to accomplish the general purposes of ORS 315.271 (Individual development accounts) and 458.670 (Definitions for ORS 458.670 to 458.700) through 458.700 (Authority of fiduciary organizations), 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 cooperating financial institutions so as to accumulate assets that may be used by them in a manner consistent with personal development plans developed in conjunction with their participating fiduciary organization. The fiduciary organizations, in turn, deposit matching funds through the corresponding IDAs into financial institutions so as to augment account holder assets. The fiduciary organizations also provide their expertise in coordination of the personal development plans. Fiduciary organizations largely obtain their matching funds from contributors. Contributions to fiduciary organizations for use as IDA matching deposits may qualify the contributor for a tax credit under ORS 315.271 (Individual development accounts).

Source: Rule 813-300-0005 — Purpose and Objectives, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=813-300-0005.

Last Updated

Jun. 8, 2021

Rule 813-300-0005’s source at or​.us