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Budget Summary FY2013

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70049317 - Individual Development Accounts
Data Current as of:  7/7/2012

Account Description FY2012
7004-9317 Individual Development Accounts
For the Individual Development Account, or IDA, program; provided, that participants for the purposes of this pilot program shall be any individual or family who is at or below 80 per cent of the area median income, as defined by the United States Department of Housing and Urban Development, in the community in which they live, as defined by said department, for more than 3 years; provided further, that funds shall be awarded to community-based organizations to establish local IDA programs; provided further, that funds may be used for administrative costs to operate an IDA program for financial literacy and asset-specific training and as a match for program participant savings for qualified acquisition costs with respect to a qualified principal residence for a qualified first-time homebuyer, as defined by said department; provided further, that said department may determine other qualified match uses consistent with the guidelines established in federal IDA guidelines pursuant to Public Law 105-285, 42 USC 604; and provided further, that funds may be used to secure federal asset building program funds
0 50,000