Department of Commerce seeks partners to administer programs that build financial self-reliance

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Written by: Press Release Posted by David Elliott
Publication date: 08-10-2022

The Kansas Department of Commerce seeks qualified organizations to administer Individual Development Account (IDA) programs in communities across the state.

The Kansas IDA program enables administering organizations to provide qualified low-income Kansans with the opportunity to achieve financial independence through special savings accounts. The IDA Savings Account contributes up to 3:1 to deposits made by individuals that can be used for small business development, higher education, or buying a first home.

“The IDA program is about lifting people out of poverty and increasing their opportunities for growth,” said Lieutenant Governor and Secretary of Commerce David Toland. “Improving the quality of life for individuals helps strengthen the communities in which they live – and the overall prosperity of the state.

The program achieves this by leveling the possibility of achieving financial independence 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 deliver the program in communities across the state.

Community charities and tribal and religious organizations are eligible to become qualified administrators of the IDA program. Selected organizations are responsible for providing or raising the necessary funds to match contributions to individual development accounts. They will also identify target populations for priority participation, conduct economic education seminars, and work with participating financial institutions. Organizations can serve a specific region, multiple regions, or the entire state, and can receive up to $100,000 in tax credits per year.

“IDA tax credits are a powerful tool for qualifying organizations that are focused on improving a person’s economic opportunity,” said Kayla Savage, director of the Community Development Division. “Our goal is to award these tax credits to organizations that will be our partners in reaching all areas of Kansas. We have removed barriers to the application process this year and need organizations to register for the webinar. information 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 16 at 1 p.m. Registration is required to attend. Webinar registration information is available here.

For questions about the IDA program, contact Community Development Specialist Sara Bloom at [email protected] or 785-506-9278.

(Information courtesy of the Kansas Department of Commerce.)

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