INDIVIDUAL DEVELOPMENT ACCOUNT (IDA) (FSM)

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An optional service for low-income working individuals and families in which eligible individuals can deposit earned income into dedicated savings accounts set up and managed by a community agency. Funds deposited into an Individual Development Account (IDA) are matched or enhanced by the managing agency and the accumulated funds may only be used towards purchasing a first home or financing post-secondary education *.

Treatment: Excluded Resource, including any matching funds and any interest accruing to the monies accumulating in the account. Also see PART 513, LESS COMMON TYPES OF INCOME: IDA WITHDRAWALS, for treatment of withdrawals from the account.

References: RSA 161:2, XIII; RSA 161:4-a, IV; RSA 167:4, I(a); RSA 167:7, IV; 7 CFR 273.8(e)(11) &(e)(19); 42 USC 604(h)(2)(B),(D) & (4)