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    "title": "IDA's [Individual Development Account] [2]",
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    "ocrText": "http://thomas.loc.gov/cgi-bin/query/D?r106:1:./temp/~r106pmheS7:e24871\n(3) stabilize families and build communities; and\n(4) support continued United States economic expansion.\nSEC. 1003. DEFINITIONS.\nAs used in this title:\n(1) Eligible individual:\n(A) In general: The term eligible individual' means an individual who--\n(i) has attained the age of 18 years;\n(ii) is a citizen or legal resident of the United States; ar d\n(iii) is a member of a household the gross income of 0 which does not exceed 80 percent of the median\nfamily income for the area in which such individual resides (as published by the Department of Housing\nand Urban Affairs).\n(B) Household: The term `household' means all individuals who share use of a dwelling unit as\nprimary quarters for living and eating separate from other individuals.\n(2) Individual development account: The term `Individual Development Account' means an account\nestablished for an eligible individual as part of a qualified individual development account program, but\nonly if the written governing instrument creating the account meets the following requirements:\n(A) The sole owner of the account is the eligible individual.\n(B) No contribution will be accepted unless it is in cas by check, by electronic fund transfer, or by\nelectronic money order.\n(C) The holder of the account is a qualified financial institution, a qualified nonprofit organization, or an\nIndian tribe.\n(D) The assets of the account will not be commingled with other property except in a common trust\nfund or common investment fund.\n(E) Except as provided in section 1015(b), any amount in the account may be paid out only for the\npurpose of paying the qualified expenses of the eligible individual.\n(3) Parallel account: The term parallel account' means a separate, parallel individual or pooled\naccount for all matching funds and earnings dedicated to an eligible individual as part of a qualified\nindividual account program, the sole owner of which is a qualified financial institution, a qualified\nnonprofit organization, or an Indian tribe.\n(4) Qualified financial institution:\n(A) In general: The term qualified financial institution' means any person authorized to be a trustee\nof any individual retirement account under section 408(a)(2).\n(B) Rule of construction: Nothing in this paragraph shall be construed as preventing a person\n2 of 7\n7/14/2000 11:12 AM"
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