An individual investment account state match fund is created in
the state treasury under the authority of the division, the administrator of
the IDA program. Funds in the state match fund shall be used by the division to
provide the state match payment for account holder deposits in accordance with
Iowa Code section
541A.3
and for the costs of administration of the IDA program. At least 85 percent of
the funds appropriated to the state match fund shall be used for state match
payments, and the remainder may be used for the administrative costs of the
operating organization. Interest or earnings on moneys deposited in the state
match fund shall be credited to the fund. Notwithstanding Iowa Code section
8.33,
moneys appropriated to the state match fund shall not revert to any other
fund.
Notes
Iowa Admin. Code r. 421-25.3
Adopted by
IAB
December 29, 2021/Volume XLIV, Number 13, effective
2/2/2022
