These funds may only be withdrawn for education, training, home ownership, business start-up or family emergencies. Participants can not withdraw funds from IAA until they leave the Full Employment Program or have participated for 12 months. However, if the IAA becomes available to the grantee before case closes, it will be treated like any other countable asset. These accounts are only available to recipients after case is closed because of earnings. Funds in these accounts, and the interest earned in them, will not be counted as an available resource.
Similar restrictions apply to the second car.
IDAs are not counted as a resource for AFDC, food stamps or Medicaid. To be eligible, recipients must be part of a group that meets at least twice monthly for support, training and technical assistance. IDAs will not affect AFDC or food stamp benefits. These funds will not be counted towards the resource limit and interest earned will not count as income. Interest earned on this account will not count as income.