Dept. of Commerce searches for organizations to administer financial program
TOPEKA, Kan. (WIBW) - The Kansas Department of Commerce is looking for organizations to administer a program to help residents become more financially self-sufficient.
The Dept. of Commerce IDA program allows organizations that administer it to provide qualified low-income Kansans with the chance to achieve financial success through self-sufficiency with a special savings account. It said the account contributes up to a 3:1 match for deposits made by individuals which can be used for small business development, higher education, or the purchase of a first home.
“The IDA program aims to bring people out of poverty and increase their opportunities for growth,” said Lieutenant Governor and Commerce Secretary David Toland. “Improving the quality of life for individuals helps strengthen the communities they live in – and the overall prosperity of the state.”
The Department said the program accomplishes through leveling the opportunity to achieve financial self-sufficiency through education and asset development. It said it oversees the program and gives out up to $500,000 each year in state income tax credits - but relies on local partners to implement the program in local communities.
According to the Department, community charities, and tribal and religious organizations are all eligible to become qualified IDA Program Administrators. Chosen organizations are responsible for providing or raising necessary funds for matching contributions to individual development accounts. They will also identify target populations for priority participation, provide economic education seminars and work with participating financial institutions.
The Dept. noted that the organizations can serve a specific region, multiple regions, or the entire state, and could get up to $100,000 in tax credits each year.
“IDA tax credits are a powerful tool for eligible organizations focused on improving a person’s economic opportunity,” said Kayla Savage, Director of the Community Development Division. “It is our goal to award these tax credits to organizations that will be our partners in reaching every part of Kansas. We have removed barriers to the application process this year and we need organizations to sign up for the informational webinar and apply now.”
The Department has invited interested organizations to an introductory webinar at 1 p.m. on Tuesday, Aug. 16. Registration is required. To register, click HERE.
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