§263.22. Are there any restrictions on IDA funds?
45 C.F.R. § 263.22
The following restrictions apply to IDA funds:
A recipient may deposit only earned income into an IDA.
A recipient's contributions to an IDA may be matched by, or through, a qualified entity.
A recipient may withdraw funds only for the following reasons:
To cover post-secondary education expenses, if the amount is paid directly to an eligible educational institution;
For the recipient to purchase a first home, if the amount is paid directly to the person to whom the amounts are due and it is a qualified acquisition cost for a qualified principal residence by a qualified first-time home buyer; or
For business capitalization, if the amounts are paid directly to a business capitalization account in a federally insured financial institution and used for a qualified business capitalization expense.
Notes, amendments, and revision history
Authority
Authority: 42 U.S.C. 604, 607, 609, and 862a; Pub. L. 109-171.
Source
Source: 64 FR 17893, Apr. 12, 1999, unless otherwise noted.