Individuals selected to participate in the project shall do all of the following:
(a) Contract with his or her service provider.
(b) Regularly deposit funds into the individual development account. Participants may contribute to the individual development account using resources generated from the following sources:
(1) Earned income.
(2) Federal Earned Income Tax Credit refunds.
(3) Disability benefits.
(4) Child support payments.
(5) AmeriCorps stipends.
(6) Wages earned through self-employment.
(7) Job training program stipends.
(c) Select purchase goals for which the savings will be used. Participants may use savings generated by individual development accounts for any of the following purposes:
(1) Postsecondary and vocational education expenses, including tuition, fees, books, supplies, and equipment.
(2) Home purchase costs with respect to a principal residence.
(3) Major home repair.
(4) Assistive technology equipment or services for disabled participants when used to access employment, education, or training.
(5) Purchase of a vehicle to be used for employment, education, or training purposes.
(6) Qualified business capitalization.
(d) Communicate regularly with the service provider regarding the account.
(e) Participate in a minimum of 12 hours of training and education provided by the service provider.
(f) Maintain savings in the individual development account for a minimum of six months from the time the account was established.
(Added by Stats. 2002, Ch. 1024, Sec. 2. Effective January 1, 2003. Conditionally operative as prescribed in Section 95501.)
Last modified: October 8, 2018