26-2-1004. Individual development account program - rules.
187 words·~1 min read·
/co/title-26-human-services-code/article-2-public-assistance/26-2-1004·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)The IDA program shall provide that eligible individuals who establish individual development accounts, as set forth in section 26-2-1005, shall receive the benefit of matching moneys payable directly to the service provider at the time of the eligible individual's expenditure of the moneys in his or her individual development account for any of the following purposes:
(a)Securing postsecondary education, including but not limited to community college courses, courses at a four-year college or university, or post-college, graduate courses for either the individual or the individual's dependent;
(b)Securing postsecondary occupational training, including but not limited to vocational or trade school training for either the individual or the individual's dependent;
(c)Purchasing a home for the first time, either individually or with another family member; or
(d)Business capitalization.
(2)In addition to the purposes set forth in subsection
(1)of this section, an eligible individual may expend up to ten percent of the total moneys from his or her individual development account for supportive counseling, mentoring, tutoring, or other related services as provided by sponsoring organizations and as approved by such individual development account holders.