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Previous Policy |
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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 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.