Page:United States Statutes at Large Volume 122.djvu/1933

 12 2 STA T . 1 9 1 0PUBLIC LA W 110 – 2 46—J U NE 1 8, 2008 ‘ ‘ (i)theamoun to fF e d e r a l fund s de p osited in the reser v e fund under su b para g raph ( B ) that w ere not used for administrative e x penses divided b y ‘‘(ii) the total amount of funds deposited in the reserve fund . ‘‘( 4 ) INDIV ID UAL D E VEL OPM EN T A C COUNT S . — ‘‘( A )IN G ENE R AL.—A q ualified entity re c eiving a grant under this section shall establish and administer individual development accounts for eligible participants. ‘‘(B) C ONTRACT RE Q UIREMENTS.— T o be eligible to receive funds under this section from a qualified entity , an eligible participant shall enter into a contract with only 1 qualified entity under which— ‘‘(i) the eligible participant agrees— ‘‘(I) to deposit a certain amount of funds of the eligible participant in a personal savings account, as prescribed by the contractual agree - ment between the eligible participant and the qualified entity; ‘‘(II) to use the funds described in subclause (I) only for 1 or more eligible expenditures described in paragraph ( 5 )(A); and ‘‘(III) to complete financial training; and ‘‘(ii) the qualified entity agrees— ‘‘(I) to deposit, not later than 1 month after an amount is deposited pursuant to clause (i)(I), atleasta1 0 0-percent, and up to a 2 00-percent, match of that amount into the individual develop- ment account established for the eligible partici- pant; and ‘‘(II) with uses of funds proposed by the eligible participant. ‘‘(C) L IMITATION.— ‘‘(i) IN GENERAL.—A qualified entity administering a demonstration program under this section may pro- vide not more than $6 ,000 for each fiscal year in matching funds to the individual development account established by the qualified entity for an eligible participant. ‘‘(ii) TREATMENT O F AMOUNT.—An amount provided under clause (i) shall not be considered to be a gift or loan for mortgage purposes. ‘‘(5) E LIGI B LEE X PENDITURES.— ‘‘(A) IN GENERAL.—An eligible expenditure described in this subparagraph is an expenditure— ‘‘(i) to purchase farmland or ma k e a down payment on an accepted purchase offer for farmland; ‘‘(ii) to make mortgage payments on farmland pur- chased pursuant to clause (i), for up to 1 8 0 days after the date of the purchase; ‘‘(iii) to purchase breeding stock, fruit or nut trees, or trees to harvest for timber; and ‘‘(iv) for other similar expenditures, as determined by the S ecretary. ‘‘(B) TIMING.— ‘‘(i) IN GENERAL.—An eligible participant may make an eligible expenditure at any time during the

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