time homebuyer by reason of having a 
co-ownership interest in a principal 
residence with a person who com-
mitted domestic violence against the 
victim.’’; 
(C) by redesignating subparagraphs (C) 
and (D) as subparagraphs (D) and (E), respec-
tively; 
(D) by inserting after subparagraph (B) 
the following new subparagraph: 
‘‘(C) HOME
REPLACEMENT, REPAIR, OR 
IMPROVEMENT.—Qualified replacement costs or 
qualified repair or improvement costs with re-
spect to a principal residence, if paid from an 
individual development account directly to the 
persons to whom the amounts are due. In this 
subparagraph: 
‘‘(i) 
PRINCIPAL
RESIDENCE.—The 
term ‘principal residence’ means— 
‘‘(I) with respect to payment of 
qualified replacement costs, a main 
residence the qualified replacement 
costs of which do not exceed 120 per-
cent of the median house price in the 
area, as determined by the Secretary 
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of Housing and Urban Development 
for purposes of section 203(b) of the 
National Housing Act (12 U.S.C. 
1709(b)) for a residence occupied by a 
number of families that corresponds 
to the number of households occu-
pying the residence involved; or 
‘‘(II) with respect to qualified re-
pair or improvement costs, a main 
residence the value of which does not 
exceed, on the day before the com-
mencement of the repairs or improve-
ments, 120 percent of such median 
house price. 
‘‘(ii) 
QUALIFIED
REPLACEMENT 
COSTS.—The term ‘qualified replacement 
costs’ means the costs (including any usual 
or reasonable settlement, financing, or 
other closing costs) of replacing— 
‘‘(I) a manufactured home that 
was manufactured, assembled, or im-
ported for resale before the initial ef-
fectiveness of any Federal manufac-
tured home construction and safety 
standards established pursuant to sec-
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tion 604 of the National Manufac-
tured Housing Construction and Safe-
ty Standards Act of 1974 (42 U.S.C. 
5403); or 
‘‘(II) a residence that fails to 
meet local building codes or is not le-
gally habitable. 
‘‘(iii) QUALIFIED
REPAIR
OR
IM-
PROVEMENT COSTS.—The term ‘qualified 
repair or improvement costs’ means the 
costs of making repairs or improvements 
(including any usual or reasonable financ-
ing costs) that will enhance the habitability 
or long-term value of a residence.’’; and 
(E) by adding at the end the following new 
subparagraph: 
‘‘(F) QUALIFIED
TUITION
PROGRAMS.— 
Contributions paid from an individual develop-
ment account of an eligible individual directly 
to a qualified tuition program (as defined in 
subsection (b) of section 529 of the Internal 
Revenue Code of 1986), for the purpose of cov-
ering qualified higher education expenses (as 
defined in subsection (e)(3) of such section) of 
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a dependent of such individual (as such term is 
used in clause (ii) of subparagraph (E)).’’. 
SEC. 5. APPLICATIONS. 
Section 405 is amended— 
(1) in subsection (c)(4), by adding at the end 
the following: ‘‘Such funds include funds received 
under the Community Services Block Grant Act (42 
U.S.C. 9901 et seq.), the Indian Self-Determination 
and Education Assistance Act (25 U.S.C. 450b et 
seq.), the Native American Housing Assistance and 
Self-Determination Act of 1996 (25 U.S.C. 4101 et 
seq.), or title I of the Housing and Community De-
velopment Act of 1974 (42 U.S.C. 5301 et seq.) (in-
cluding Community Development Block Grant Act 
funds and Indian Community Development Block 
Grant Act funds), that are formally committed to 
the project.’’; and 
(2) by adding at the end the following new sub-
section: 
‘‘(h) APPLICATIONS FOR NEW PROJECTS AND RE-
NEWALS OF EXISTING PROJECTS.—For project years be-
ginning on or after the date of the enactment of the Steph-
anie Tubbs Jones Assets for Independence Reauthoriza-
tion Act of 2015, the preceding provisions of this section 
shall only apply as follows: 
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‘‘(1) ANNOUNCEMENT OF PROCEDURES.—Not 
later than 180 days after the date of the enactment 
of the Stephanie Tubbs Jones Assets for Independ-
ence Reauthorization Act of 2015, the Secretary 
shall publicly announce the procedures by which a 
qualified entity may submit an application— 
‘‘(A) to conduct a demonstration project 
under this title; or 
‘‘(B) for renewal of authority to conduct a 
demonstration project under this title. 
‘‘(2) APPROVAL.—The Secretary shall, on a 
competitive basis, approve applications submitted 
pursuant to the procedures announced under para-
graph (1), taking into account the assessments re-
quired by subsection (c) and giving special consider-
ation to the applications described in paragraph (3). 
‘‘(3) SPECIAL
CONSIDERATION.—The applica-
tions described in this paragraph are the following: 
‘‘(A) Applications submitted by qualified 
entities proposing to conduct demonstration 
projects under this title that will target the fol-
lowing populations: 
‘‘(i) Individuals who are or have been 
in foster care. 
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‘‘(ii) Victims of domestic violence (as 
defined in section 40002(a)(8) of the Vio-
lence Against Women Act of 1994 (42 
U.S.C. 13925(a)(8))). 
‘‘(iii) Victims of— 
‘‘(I) a major disaster declared to 
exist by the President under section 
401 of the Robert T. Stafford Dis-
aster Relief and Emergency Assist-
ance Act (42 U.S.C. 5170) or an 
emergency declared to exist by the 
President under section 501 of such 
Act (42 U.S.C. 5191); or 
‘‘(II) a situation similar to a 
major disaster or emergency described 
in subclause (I) declared to exist by 
the Governor of a State. 
‘‘(iv) Formerly incarcerated individ-
uals. 
‘‘(v) Individuals who are unemployed 
or underemployed. 
‘‘(B) Applications described in subsection 
(d). 
‘‘(4) CONTRACTS
WITH
NONPROFIT
ENTI-
TIES.—Subsection (f) shall continue to apply. 
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‘‘(5) GRANDFATHERING
OF
EXISTING
STATE-
WIDE PROGRAMS.—Subsection (g) shall continue to 
apply, except that any reference in such subsection 
to the date of enactment of this Act or to 
$1,000,000 shall be deemed to be a reference to the 
date of the enactment of the Stephanie Tubbs Jones 
Assets for Independence Reauthorization Act of 
2015 or to $250,000, respectively.’’. 
SEC. 6. DEMONSTRATION AUTHORITY; ANNUAL GRANTS. 
Section 406(a) is amended by inserting ‘‘(or, in the 
case of an application approved under section 405(h)(2), 
not later than 30 days after the date of the approval of 
such application)’’ after ‘‘the date of enactment of this 
title’’. 
SEC. 7. RESERVE FUND. 
Section 407(c) is amended— 
(1) in paragraph (1)(D), by inserting ‘‘or orga-
nizations’’ after ‘‘organization’’; and 
(2) by amending paragraph (3) to read as fol-
lows: 
‘‘(3) LIMITATION ON USES.— 
‘‘(A) IN GENERAL.—Of the amount pro-
vided to a qualified entity under section 
406(b)— 
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‘‘(i) not more than 5.5 percent shall 
be used for the purpose described in sub-
paragraph (A) of paragraph (1); 
‘‘(ii) not less than 80 percent shall be 
used for the purpose described in subpara-
graph (B) of such paragraph; and 
‘‘(iii) not more than 14.5 percent shall 
be used for the purposes described in sub-
paragraphs (C) and (D) of such para-
graph. 
‘‘(B) 
JOINT
ADMINISTRATION
OF 
PROJECT.—If two or more qualified entities are 
jointly administering a demonstration project, 
no one such entity shall use more than its pro-
portional share of the percentage indicated in 
subparagraph (A) of this paragraph for the 
purposes 
described 
in 
subparagraphs 
(A) 
through (D) of paragraph (1).’’. 
SEC. 8. ELIGIBILITY FOR PARTICIPATION. 
Section 408 is amended— 
(1) in subsection (a)— 
(A) by amending paragraph (1) to read as 
follows: 
‘‘(1) INCOME TESTS.—The household meets ei-
ther of the following income tests: 
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‘‘(A) ADJUSTED
GROSS
INCOME
TEST.— 
The adjusted gross income of the household for 
the last taxable year ending in or with the pre-
ceding calendar year does not exceed the great-
er of— 
‘‘(i) 200 percent of the Federal pov-
erty line, as defined in section 673(2) of 
the Community Services Block Grant Act 
(42 U.S.C. 9902(2)), including any revi-
sion required by such section, for a family 
composed of the number of persons in the 
household at the end of such taxable year; 
or 
‘‘(ii) 80 percent of the median income 
for the area for such taxable year, as de-
termined by the Secretary of Housing and 
Urban Development for purposes of section 
3(b)(2) of the United States Housing Act 
of 1937 (42 U.S.C. 1437a(b)(2)), taking 
into account any family-size adjustment by 
the Secretary under such section that cor-
responds to the size of the household at 
the end of such taxable year. 
‘‘(B) MODIFIED ADJUSTED GROSS INCOME 
TEST.— 
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‘‘(i) IN GENERAL.—The modified ad-
justed gross income of the household for 
the last taxable year ending in or with the 
preceding calendar year does not exceed 
the amount described in clause (ii) for the 
individual whose eligibility is being deter-
mined under this section. 
‘‘(ii) 
AMOUNT
DESCRIBED.—The 
amount described in this clause for an in-
dividual is as follows: 
‘‘(I) MARRIED
FILING
JOINT-
LY.—$40,000 for an individual de-
scribed in subsection (a)(1) of section 
1 of the Internal Revenue Code of 
1986. 
‘‘(II) 
SURVIVING
SPOUSE.— 
$40,000 for an individual described in 
subsection (a)(2) of such section. 
‘‘(III) HEAD OF HOUSEHOLD.— 
$30,000 for an individual described in 
subsection (b) of such section. 
‘‘(IV) SINGLE OR MARRIED FIL-
ING SEPARATELY.—$20,000 for an in-
dividual described in subsection (c) or 
(d) of such section. 
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‘‘(iii) 
ADJUSTMENT
FOR
INFLA-
TION.— 
‘‘(I) IN GENERAL.—In the case 
of a calendar year described in clause 
(i) that is after 2016, the dollar 
amounts in clause (ii) shall be the dol-
lar amounts determined under this 
clause (or clause (ii)) for the previous 
year increased by the annual percent-
age increase (if any) in the consumer 
price index (all items; U.S. city aver-
age) as of September of the calendar 
year described in clause (i). 
‘‘(II) 
ROUNDING.—Any 
dollar 
amount determined under subclause 
(I) that is not a multiple of $100 shall 
be rounded to the next greatest mul-
tiple of $100.’’; and 
(B) in paragraph (2), by adding at the end 
the following new subparagraph: 
‘‘(D) ADJUSTMENT FOR INFLATION.— 
‘‘(i) IN GENERAL.—In the case of a 
calendar year described in subparagraph 
(A) that is after 2016, the dollar amount 
in such subparagraph shall be the dollar 
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amount determined under this clause (or 
such subparagraph) for the previous year 
increased by the annual percentage in-
crease (if any) in the consumer price index 
(all items; U.S. city average) as of Sep-
tember of the calendar year described in 
such subparagraph. 
‘‘(ii) ROUNDING.—Any dollar amount 
determined under clause (i) that is not a 
multiple of $100 shall be rounded to the 
next greatest multiple of $100.’’; 
(2) by redesignating subsection (b) as sub-
section (c); 
(3) by inserting after subsection (a) the fol-
lowing new subsection: 
‘‘(b) CALCULATING INCOME OF HOUSEHOLD.— 
‘‘(1) ADJUSTED GROSS INCOME.—For purposes 
of subsection (a)(1)(A), the adjusted gross income of 
a household for a taxable year is the sum of the ad-
justed gross incomes of the individuals who are 
members of the household at the end of such year. 
‘‘(2) MODIFIED
ADJUSTED
GROSS
INCOME.— 
For purposes of subsection (a)(1)(B), the modified 
adjusted gross income of a household for a taxable 
year is the sum of the modified adjusted gross in-
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comes of the individuals who are members of the 
household at the end of such year.’’; and 
(4) in subsection (c), as redesignated by para-
graph (2)— 
(A) by striking ‘‘, including’’ and all that 
follows and inserting a period; 
(B) by striking ‘‘The Secretary’’ and in-
serting the following: 
‘‘(1) IN GENERAL.—The Secretary’’; and 
(C) by adding at the end the following new 
paragraphs: 
‘‘(2) INDIVIDUALS
WHO
MOVE
BECAUSE
OF 
MAJOR DISASTERS OR EMERGENCIES OR TO FIND 
EMPLOYMENT.— 
‘‘(A) IN GENERAL.—The regulations pro-
mulgated under paragraph (1) shall establish 
procedures under which an individual described 
in subparagraph (B) may transfer from one 
demonstration project under this title to an-
other demonstration project under this title 
that is being conducted in another community 
by a qualified entity that agrees to accept the 
individual into the project. Such regulations 
shall not permit such a transfer unless such 
qualified entity has sufficient amounts in its 
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Reserve Fund to make the deposits required by 
section 410 with respect to the individual. 
‘‘(B) INDIVIDUAL
DESCRIBED.—An indi-
vidual described in this subparagraph is an in-
dividual 
participating 
in 
a 
demonstration 
project under this title who moves from the 
community in which the project is being con-
ducted— 
‘‘(i) because of— 
‘‘(I) a major disaster declared to 
exist in such community by the Presi-
dent under section 401 of the Robert 
T. Stafford Disaster Relief and Emer-
gency Assistance Act (42 U.S.C. 
5170) or an emergency declared to 
exist in such community by the Presi-
dent under section 501 of such Act 
(42 U.S.C. 5191); 
‘‘(II) a situation similar to a 
major disaster or emergency described 
in subclause (I) declared to exist in 
such community by the Governor of a 
State; or 
‘‘(III) a qualifying life event ex-
perienced by such individual; or 
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‘‘(ii) in order to secure employment. 
‘‘(C) 
QUALIFYING
LIFE
EVENT
DE-
FINED.—For 
purposes 
of 
subparagraph 
(B)(i)(III), the term ‘qualifying life event’— 
‘‘(i) means an event determined by 
the Secretary to be similar to an event that 
would permit the individual to make an 
election change with respect to a cafeteria 
plan under section 125 of the Internal 
Revenue Code of 1986; and 
‘‘(ii) includes— 
‘‘(I) a change in the legal marital 
status of the individual; 
‘‘(II) a change in the number of 
dependents of the individual (as such 
term is used in section 404(8)(E)(ii)); 
‘‘(III) the birth or death of a 
child of the individual; 
‘‘(IV) the adoption or placement 
for adoption of a child by the indi-
vidual; 
‘‘(V) a change in the provider of 
daycare for a child of the individual, 
or a significant increase in the cost of 
such daycare; and 
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‘‘(VI) a change in employment 
status of the individual, the individ-
ual’s spouse, or a dependent of the in-
dividual (as such term is used in sec-
tion 404(8)(E)(ii)). 
‘‘(3) RELOCATION TO COMMUNITY WHERE NO 
PROJECT IS AVAILABLE.— 
‘‘(A) IN
GENERAL.—An individual de-
scribed in subparagraph (B) shall be permitted 
to withdraw funds from the individual develop-
ment account of the individual during the 1- 
year period following the date such individual 
moves to another community in the same man-
ner that an individual is permitted under sec-
tion 410(d)(2) to withdraw funds during the 1- 
year period following the end of a demonstra-
tion project. 
‘‘(B) INDIVIDUAL
DESCRIBED.—An indi-
vidual described in this subparagraph is an in-
dividual who— 
‘‘(i) moves to a community where no 
demonstration project under this title is 
being conducted; or 
‘‘(ii) after moving to another commu-
nity and making such efforts as the Sec-
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retary may require to transfer to another 
demonstration project under this title, is, 
for any reason other than a violation of the 
requirements of this title or regulations 
promulgated by the Secretary under this 
title, not accepted into another demonstra-
tion project under this title. 
‘‘(C) FUNDS
REMAINING
IN
IDA.—Any 
funds remaining in an individual development 
account after the end of the 1-year period de-
scribed in subparagraph (A) shall be treated in 
the same manner as funds remaining in an in-
dividual development account after the end of 
the 1-year period described in subsection 
(d)(2)(A) of section 410 are treated under sub-
section (f) of such section. 
‘‘(4) RELOCATION BY OTHER INDIVIDUALS.— 
The regulations promulgated under paragraph (1) 
shall prohibit any individual who is unable to con-
tinue participating in a demonstration project under 
this title for any reason, except for an individual de-
scribed in paragraph (2)(B) or (3)(B), from being 
eligible to participate in any other demonstration 
project conducted under this title.’’. 
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SEC. 9. DEPOSITS BY QUALIFIED ENTITIES. 
Section 410 is amended— 
(1) in subsection (a)(2), by inserting ‘‘2 times’’ 
after ‘‘an amount equal to’’; 
(2) in subsection (b), by striking ‘‘$2,000’’ and 
inserting ‘‘$5,000’’; 
(3) in subsection (c), by striking ‘‘$4,000’’ and 
inserting ‘‘$10,000’’; 
(4) in subsection (d)— 
(A) by striking ‘‘The Secretary shall’’ and 
inserting the following: 
‘‘(1) IN GENERAL.—The Secretary shall’’; 
(B) in paragraph (1), as amended by sub-
paragraph (A), by adding at the end the fol-
lowing: ‘‘The Secretary may waive the applica-
tion of the preceding sentence in the case of an 
individual who has participated in another dem-
onstration project under this title (including 
successful completion after transferring from 
one project to another project as described in 
section 408(c)(2)) or an asset-building project 
similar to the demonstration projects conducted 
under this title.’’; and 
(C) by adding at the end the following new 
paragraph: 
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‘‘(2) ACCESS
FOR
YEAR
AFTER
END
OF 
PROJECT.— 
‘‘(A) IN
GENERAL.—The Secretary shall 
ensure that an eligible individual is able to 
withdraw funds from an individual development 
account of the individual during the 1-year pe-
riod following the end of the demonstration 
project with respect to which deposits were 
made into such account (whether such project 
ends by reason of expiration of the authority 
under section 406(a) of the qualified entity to 
conduct the demonstration project, termination 
of such authority under section 413 without 
transfer to another qualified entity, or other-
wise). 
‘‘(B) APPROVAL OF WITHDRAWALS.—Dur-
ing the period described in subparagraph (A), 
an eligible individual may only make a with-
drawal if the withdrawal is approved in writ-
ing— 
‘‘(i) by a responsible official of the 
qualified entity; or 
‘‘(ii) by the Secretary, if the Secretary 
terminated the authority of the qualified 
entity to conduct the demonstration project 
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