INDIVIDUAL DEVELOPMENT ACCOUNT SR 01-33 Dated 12/01 (FSM-A)

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 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 or a new business.

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); 42 USC 604(h)(4)