Individual Development Accounts

This regulation implements a statutory requirement of the Assets for Independence Act establishing the Assets for Independence Demonstration Program, under title IV of the Community Opportunities, Accountability, and Training and Educational Services Act of 1998. The Act provides competitive demonstration grants for projects to establish, support, and evaluate individual development accounts for low income individuals and families. The statute requires the Secretary of Health and Human Services to prescribe regulations that grantees must follow in accounting for amounts grantees deposit in the reserve fund. This rule implements that provision of the legislation. Other factors in the legislation have been, or will be, addressed administratively, through the grant announcement and award process.