Temporary Assistance for Needy Families (TANF) "Final Rule" - As Sent to OMB [binder] [3]
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OCR Page 1 of 333Subpart C- -What Rules Apply to Individual Development
Accounts?
Section 263.20--What Definitions Apply to Individual
Development Accounts (IDA's) ? ($273.20 of the NPRM)
OVERVIEW
Individual Development Accounts (IDA's) are similar to
savings accounts and enable recipients to save for "big
ticket" items, such as a home, or a college education or
start a business. Money in an IDA account would not affect
a recipient's eligibility for TANF assistance.
States may use IDA's as an incentive for recipients to find
jobs and to use their earned income to save for the future.
Recipients can use IDA's as long-term investments, without
losing eligibility for TANF assistance in the early stages
of becoming self-sufficient.
The NPRM defined an IDA as an account established by, or
for, an individual who is eligible for TANF assistance to
allow the individual to accumulate funds for specific
purposes. It also defined a number of other terms used
applicable to IDA's.
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