Outside Section 27

Codify DHCD Individual Development Accounts Program

SECTION 27.   Chapter 121B of the General Laws is hereby amended by inserting after section 37 the following section:-

          Section 37A. Subject to appropriation, the department shall administer a statewide program of individual development accounts to assist first-time homebuyers, in this section called the IDA program or the program. Households residing in state-subsidized housing, as defined by the department, shall receive preference for enrollment in the program. The department may award funds to community-based organizations to establish local IDA programs. The department may use funds 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. The department may determine other qualified match uses consistent with the guidelines established in federal IDA guidelines under 42 U.S.C. section 604. The department may also use funds to secure federal asset building programs funds.
 
 

Summary:
This section codifies in the General Laws the Individual Development Accounts program of the Department of Housing and Community Development, to assist first-time homebuyers.