TOPEKA – The Kansas Department of Commerce is seeking qualified organizations to administer Individual Development Account (IDA) programs in communities throughout the state. The Kansas IDA program allows administering organizations to provide qualified low-income Kansans the opportunity to achieve financial self-sufficiency via special savings accounts. The IDA savings account contributes up to a 3:1 match for deposits made by individuals that can be used for small business development, higher education, or the purchase of a first home.
“The IDA program aims to bring people out of poverty and increase their opportunities for growth,” said Lieutenant Governor and Commerce Secretary David Toland. “Improving the quality of life for individuals helps strengthen the communities they live in – and the overall prosperity of the state.”
The program accomplishes this by leveling the opportunity to achieve financial self-sufficiency through education and asset development. The Kansas Department of Commerce oversees the program and allocates up to $500,000 annually in state income tax credits – but relies on local partners to implement the program in communities across the state.
Community charities, and tribal and religious organizations are eligible to become qualified IDA Program Administrators. Selected organizations are responsible for providing or raising the funds necessary for matching contributions to individual development accounts. They also will identify target populations for priority participation, provide economic education seminars, and work with participating financial institutions. The organizations can serve a specific region, multiple regions, or the entire state, and may receive up to $100,000 in tax credits annually.
“IDA tax credits are a powerful tool for eligible organizations focused on improving a person’s economic opportunity,” said Kayla Savage, Director of the Community Development Division. “It is our goal to award these tax credits to organizations that will be our partners in reaching every part of Kansas. We have removed barriers to the application process this year and we need organizations to sign up for the informational webinar and apply now.”
If your organization is interested in administering an IDA program, the Department of Commerce invites you to an introductory webinar on Tuesday, August 16th at 1:00 p.m.
Registration is required to attend. Registration information for the webinar can be found here.
For questions regarding the IDA Program, contact Community Development Specialist Sara Bloom at [email protected] or (785) 506-9278.