TOPEKA – The Kansas Division of Commerce is in search of certified organizations to manage Particular person Improvement Account (IDA) packages in communities all through the state. The Kansas IDA program permits administering organizations to supply certified low-income Kansans the chance to realize monetary self-sufficiency by way of particular financial savings accounts. The IDA financial savings account contributes as much as a 3:1 match for deposits made by people that can be utilized for small enterprise improvement, increased training, or the acquisition of a primary residence.
“The IDA program goals to convey folks out of poverty and improve their alternatives for development,” stated Lieutenant Governor and Commerce Secretary David Toland. “Enhancing the standard of life for people helps strengthen the communities they dwell in – and the general prosperity of the state.”
This system goals to perform its aim by leveling the chance to realize monetary self-sufficiency by training and asset improvement. The Kansas Division of Commerce oversees this system and allocates as much as $500,000 yearly in state revenue tax credit – however depends on native companions to implement this system in communities throughout the state.
Group charities, and tribal and non secular organizations, are eligible to turn into certified IDA Program Directors. Chosen organizations are answerable for offering or elevating the funds obligatory for matching contributions to particular person improvement accounts. In addition they will determine goal populations for precedence participation, present financial training seminars, and work with taking part monetary establishments. The organizations can serve a particular area, a number of areas or your complete state, and should obtain as much as $100,000 in tax credit yearly.
“IDA tax credit are a strong instrument for eligible organizations targeted on enhancing an individual’s financial alternative,” stated Kayla Savage, Director of the Group Improvement Division. “It’s our aim to award these tax credit to organizations that might be our companions in reaching each a part of Kansas. We’ve got eliminated obstacles to the appliance course of this yr and we’d like organizations to … apply now.”
For questions concerning the IDA Program, contact Group Improvement Specialist Sara Bloom at sara.bloom@ks.gov or 785-506-9278.
