IDA participants will have an income at or less than the median household income for the area they live in, as determined by the Housing and Community Sevices Department. The Housing and Community Services Department will administer the program and choose the feduciary organizations to administer the accounts. The IDA holder must enroll in a personal development plan developed by the person and the feduciary organization running the program. The plan must include appropriate financial counseling, career or business planning, and other services designed to increase the independence of the person and the person's household through achievement of the account's approved purpose. Emergency withdrawals must be replaced within 12 months or the person may be removed from the program and forfiet all matching funds.
Unapproved withdrawals constitute grounds for removal from the program.
If an IDA holder moves from the area in which the account was established or he or she will be removed from the program. The IDA holders funds may be held in a separate account from the matching fund pool, or held jointly, with co-signatures for withdrawals. The tax credits may be carried over for one year, if not used in the year of the contribution. Reports are required by the fiduciary organizations to the State, and by the State Depart- ment to other State entities. The program will be reviewed on an annual basis.