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Department
of Human Services Families
First Online Policy Manual Individual Development Account |
Revised: |
18.2 |
ELIGIBILITY TO PARTICIPATE IN THE IDA PROJECT |
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To participate in the IDA Project: ·
The
individual must be a member of an eligible Families First assistance unit. ·
The
participant must notify the county Department of Human Services office, in
advance, that he/she is going to start an IDA. This account must be one with a cosignatory
relationship between the Saver and the Tennessee Network for Community
Economic development (TNCED).
Applicants must notify the caseworker about any individual in the
assistance unit who has an IDA at the time of application in order for it to
be considered a timely notification.
For recipients, if the notification of the county office is prior to
the recipient attending the first IDA group meeting, it is considered a
timely notification. If the Department
is not notified prior to the establishment of an IDA or at the time of
application, the total funds in an IDA are counted as a resource up to the
day that the Department is notified.
Starting on the day that the Department is notified, the funds in the
IDA will be disregarded. ·
A
participant does not have to be employed to open an IDA. However, deposits into IDAs must be from
earned income. ·
The
participant must join an IDA group which meets twice a month at an approved
non-profit sponsor. An approved
non-profit sponsor is one that has agreed to and operates the IDA program in
compliance with DHS policies and procedures.
At these meetings, the group will receive training, support and
technical assistance in maintaining and using this account. Attendance policy is determined by the
non-profit sponsor and the IDA group.
When the non-profit sponsor contacts the caseworker or IDA contact
regarding an IDA Saver who is not in compliance with the attendance policy,
the participant is not eligible to be in the IDA group, and funds in the IDA
are counted as a resource. ·
The
individual (an IDA Saver) must commit to depositing funds to the IDA during
these twice monthly meetings (the actual deposits will be completed the next
business day by the individual).
Deposits to the account must be from earned income. The amount of the twice monthly contributions
to the IDA must be decided on beforehand at an amount that is manageable for
the participant. If that amount
becomes too burdensome, the participant and the non-profit sponsor can
determine another amount that is more appropriate for his/her budget. For times when a participant is unemployed,
the contribution amount can be set at zero, but the participant must notify
the non-profit sponsor of this change. |
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