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House Bill 1075


 

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House Bill 1075

ARCHIVE (2007)

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DIGEST OF HB1075 (Updated April 12, 2007 11:58 am - DI 84)

Individual development accounts. Provides that money withdrawn from an individual development account (IDA) may be used to pay for the rehabilitation of the individual's primary residence. Raises from $300 to $400 the amount deposited in an IDA in a year that the housing and community development authority (authority) must match with state funds. Provides that the authority may match any portion of an individual's deposit into an IDA each year that is over $400. Raises the limit on the amount the authority may annually match from $900 to $2,400 per account. Raises the number of IDAs that may be established annually from 800 to 1,000 beginning July 1, 2009. Provides that if the amount appropriated by the general assembly for IDAs is insufficient to make the required matching deposits, the authority shall proportionately reduce the amounts deposited into each account.
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 Law Enacted
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