Commerce Seeks Individual Development Account (IDA) Administrators

A perfect neighbourhood. Houses in suburb at Spring in the north America.

Lieutenant Governor and Secretary of Commerce David Toland today announced the Department of Commerce is seeking qualified community-based organizations to administer Individual Development Account (IDA) programs. These programs are designed to reduce both the number of Kansans receiving public income support and the number of communities with high concentrations of poverty.

Applications will be accepted through October 16.

IDA programs allow administering organizations to provide a match on deposits made by low-income participants who are saving to buy a home, making repairs on existing homes, starting or expanding a business, or attending continuing education classes at a college or technical school.

“Being an IDA program administrator gives community organizations a powerful way to invest in the people they serve by offering direct support for homeownership, education and entrepreneurship,” Lieutenant Governor and Secretary of Commerce David Toland said. “We want to partner with communities that are ready to help us deploy these barrier-breaking programs across the state and build a more prosperous future for all Kansans.”

Financial assistance is provided to charitable, tribal and religious organizations that administer IDAs in their community through the sale of tax credits. Organizations that service a specific region, multiple regions or the entire state can receive up to $100,000 in tax credits annually for three years. For the first two years, organizations are granted up to 20% of the funds earned to use for operational costs and 15% for each following year.

“Individual Development Accounts are a way to help level the playing field for all Kansans by strengthening families and supporting local economies,” Assistant Secretary of Quality Places Matt Godinez said. “By partnering with local nonprofits across our state, we’re able to help Kansans reach their full potential and open new doors for themselves and their loved ones.”

Organizations interested in administrating an IDA program are encouraged to register for an informational webinar at 10:30 a.m. Tuesday, September 15. Registration is required to attend. To register for the upcoming webinar, click here.

To learn more about the IDA program, visit the program webpage here or contact Kerri Falletti at [email protected] or by phone at (785) 207-5206.