Budget Amendment ID: FY2013-S4-268-R1

Redraft ECO 268

Individual Development Account Program

Mr. Eldridge and Ms. Chang-Diaz moved that the proposed new text be amended in section 2, in item XXXX-XXXX, <w:p><w:r><w:t xml:space="preserve">by inserting after item 7004-9316 the following new item:-

7004-9317 -For the Individual Development Account (IDA) program, so-called, participants for the purposes of this pilot program shall be any individual or family who is at or below 80% of the area median income, as defined from time to time by the United States department of housing and urban development, in the community in which they live, as defined by the department, for more than three years; provided, 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 the department; provided further, the department may determine other qualified match uses consistent with the guidelines established in federal IDA guidelines pursuant to PL 105-285, 42 USC 604; provided further, that funds may be used to secure federal asset building program funds…………………….. $100,000