45 C.F.R. § 263.22 Are there any restrictions on IDA funds?
Title 45 - Public Welfare
The following restrictions apply to IDA funds: (a) A recipient may deposit only earned income into an IDA. (b) A recipient's contributions to an IDA may be matched by, or through, a qualified entity. (c) A recipient may withdraw funds only for the following reasons: (1) To cover post-secondary education expenses, if the amount is paid directly to an eligible educational institution; (2) For the recipient to purchase a first home, if the amount is paid directly to the person to whom the amounts are due and it is a qualified acquisition cost for a qualified principal residence by a qualified first-time home buyer; or (3) For business capitalization, if the amounts are paid directly to a business capitalization account in a federally insured financial institution and used for a qualified business capitalization expense.
Title 45: Public Welfare
PART 263—EXPENDITURES OF STATE AND FEDERAL TANF FUNDS
Subpart C—What Rules Apply to Individual Development Accounts?
§ 263.22 Are there any restrictions on IDA funds?
