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Budget Recommendations

Department of Housing and Community Development

Department of Housing and Community Development
    Department of Housing and Community Development
Account Description
FY06
GAA
FY07
House 2
 
Individual Development Account Program  
   7004-9317   For a pilot program to establish a statewide Individual Development Account (IDA) program, so-called, for households in state-subsidized housing, as defined by the department, for more than three years; provided, that funds may 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, that funds may be used to secure federal asset building program funds; and provided further, that the department shall develop program guidelines to carry out the provisions of this item 0 500,000
 
 
 Established appropriation to fund new initiative.