[Code of Federal Regulations]

[Title 45, Volume 3]

[Revised as of October 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 45CFR1000.2]



[Page 343]

 

                        TITLE 45--PUBLIC WELFARE

 

CHAPTER X--OFFICE OF COMMUNITY SERVICES, ADMINISTRATION FOR CHILDREN AND 

            FAMILIES, DEPARTMENT OF HEALTH AND HUMAN SERVICES

 

PART 1000_INDIVIDUAL DEVELOPMENT ACCOUNT RESERVE FUNDS ESTABLISHED 

PURSUANT TO GRANTS FOR ASSETS FOR INDEPENDENCE--Table of Contents

 

Sec. 1000.2  Definitions.



    Individual Development Account means a trust or custodial account 

created or organized in the United States exclusively for the purpose of 

paying the qualified expenses of an eligible individual, as defined in 

section 404(2) of Pub. L. 105-285, or enabling the eligible individual 

to make an emergency withdrawal as defined in section 404(3) of Pub. L. 

105-385. The written governing instrument creating the trust or 

custodial account must meet the requirements of Section 404(5) of Pub. 

L. 105-285, and of the Project Eligibility Requirements set forth in 

Program Announcements.

    Qualified Entity means one or more not-for-profit organizations 

described in section 501(c)(3) of the Internal Revenue Code of 1986 and 

exempt from taxation under section 501(a) of such Code; or a State or 

local government agency; or a tribal government which has submitted an 

application under section 405 of Pub. L. 105-285 jointly with a 

501(c)(3) organization that is exempt from taxation under 501(a) of the 

Internal Revenue Code of 1986; or an entity that is a credit union 

designated as a low-income credit union by the National Credit Union 

Administration (NCUA), or an organization designated as a community 

development financial institution by the Secretary of the Treasury (or 

Community Development Financial Institutions Fund), and can demonstrate 

a collaborative relationship with a local community-based organization 

whose activities are designed to address poverty in the community and 

the needs of community members for economic independence and stability.

    Reserve Fund means a fund, established by a qualified entity, that 

shall include all funds provided to the qualified entity from any public 

or private source in connection with the demonstration project and the 

proceeds from any investment made with such funds. The fund shall be 

maintained in accordance with section 407(c)(3), as amended. No less 

than 85 percent of the Federal grant funds in the Reserve Fund shall be 

used as matching contributions for Individual Development Accounts.



[66 FR 48972, Sept. 25, 2001, as amended at 67 FR 19518, Apr. 22, 2002]