The term “individual development account” means a savings account described in subsection (b)(4)(A).
The Secretary shall operate the pilot program through, and in coordination with the farm loan programs of, the Farm Service Agency.
The Secretary shall issue guidance regarding the investment requirements of reserve funds established under this paragraph.
Not later than 1 year after the date of enactment of this section, in accordance with this section, the Secretary shall, on a competitive basis, approve such applications to conduct demonstration programs as the Secretary considers appropriate.
If the Secretary approves an application to carry out a demonstration program, the Secretary shall authorize the applicant to carry out the project for a period of 5 years, plus an additional 2 years to make eligible expenditures in accordance with subsection (b)(5)(B).
The aggregate amount of grant funds provided to a demonstration program carried out under this section shall not exceed $250,000.
A qualified entity shall submit each report required under subparagraph (A) to the Secretary.
Not later than 1 year after the date on which all demonstration programs under this section are concluded, the Secretary shall submit to Congress a final report that describes the results and findings of all reports and evaluations carried out under this section.
There is authorized to be appropriated to carry out this section $5,000,000 for each of fiscal years 2008 through 2023.