INDIVIDUAL DEVELOPMENT ACCOUNTS
House Bill 4969
Sponsor: Rep. Paul Condino
Committee: Family and Children Services
Complete to 1-14-04
A SUMMARY OF HOUSE BILL 4969 AS INTRODUCED 7-16-03
The Family Independence Agency (FIA) operates a program, under the Social Welfare Act, to allow individuals who are eligible for family independence assistance to establish an individual development account (IDA) that accumulates funds to be used for the purchase of a first home. When the individual purchases a home, the amount in the account is matched with public and private funds. In determining the individual’s eligibility for family independence assistance, the FIA is required to disregard the amount, including accrued interest, in an individual development account and the grant amount (assistance) the individual receives. House Bill 4969 would amend the act so that the amount in an IDA disregarded would be capped at $5,000.
The bill further provides that the FIA could increase, above $5,000, the amount allowed to be held in an individual development account. It also would specify that the section being amended does not require a grant made to the individual with an IDA that exceeds an amount established by the FIA, or by a private individual or agency with whom the FIA has contracted to administer the IDA program.
MCL 400.57k
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This analysis was prepared by nonpartisan House staff for use by House members in their deliberations, and does not constitute an official statement of legislative intent.