Subject: Congressional IDA Update

-- FORWARDED MESSAGE: Individual Development Accounts (IDAs) to help the poor build assets --

Congressional Update

Assets for Independence Act Introduced in both the House and Senate

On October 6th, Senator Dan Coats (R-IN) and Senator Tom Harkin (D-IA) introduced the Assets for Independence Act (S.1255). One month later, on November 6th, Congressman Tony Hall (D-OH) and Congressman John Kasich (R-OH) introduced an identical bill in the House - HR 2849. The Assets for Independence Act establishes a four year, $100 million IDA demonstration. The legislation authorizes the U.S. Department of Health and Human Services to administer the demonstration which would fund non-profit organizations and state and local governments on a competative basis to implement local IDA programs. Organizations chosen to administer an IDA demonstration site would be required to target their programs to low income individuals and families and the account uses would be limited to purchase of a home, post-secondary education, or microenterprise business capitalization. Action Needed Our goal is to get the Assets for Independence Act passed in the next session of the 105th Congress. In order to do this, we need to build a strong base of support for the legislation in both the House and the Senate. We encourage you to take time in the next month to contact both your Senators as well as your Representative(s) and urge them to co-sponsor the Assets for Independence Act. To reach your Senator/Congressman by phone in Washington call the Capitol switchboard at (202) 225-3121 and they will connect you. If your Representative(s) is interested in co-sponsoring HR 2849 have them call Bob Zachritz in Congressman Tony Hall's Office (202) 225-6465. If your Senator(s) is interested in co-sponsoring S.1255, they should contact Vince Ventimiglia in Senator Coat's office (202) 224-1133. For More Information If you would like more details on the legislation or assistance in getting your congressional representatives to support the Assets for Independence Act , please call Alison Feighan at Rapoza Associates (202) 393-5225. Congress will be in recess through January and this may be a good time to get their attention while they're back in the state. If possible, invite them to visit your site and take the opportunity to talk about IDAs.





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