The family development account (FDA) program (more commonly referred to as individual development accounts, or IDAs), attached to Missouri Senate Bill 387, was signed into law this summer. The recently signed legislation allows families or individuals with incomes at 200 percent or less of the federal poverty level to establish FDA accounts. Deposits into an FDA by an individual or family are matched by public and private sources. Account holders may use the matched savings for homeownership and repair, small business capitalization and education.
The new legislation also provides the state with up to $4 million a year in tax credits annually for contributors of FDA matching funds. Contributors receive a 50 percent tax credit on all monies given for FDAs, up to $50,000 per year.
While this program is in the early stages of implementation, it is not too early for organizations to begin program planning. For more information about contributing to an FDA, go to the following web site: The Corporation for Enterprise Development (http://www.cfed.org).
The Tennessee Housing Development Agency (THDA) launched its new web site this summer. The web site features information useful to homebuyers and lenders (such as descriptions of the various THDA programs), as well as application pages in a download format, agendas and minutes of the Board of Directors' meetings, and news releases.
The web site also has links to mortgage information, such as the homeownership program's acquisition costs and income limits, lenders, homeownership education trainers and interest rates.
Be sure to visit THDA's new web site at www.thda.org.
The Small Business Administration opened 25 new Women's Business Centers this year, including three in the Eighth District, listed below:
Arkansas Enterprise Group
Good Faith Fund's Arkansas Women's Business Center
2304 W. 29th
Pine Bluff, AR 71603
Mississippi Action for Community Education (MACE)
Mid-Delta Women's Entrepreneurial Training and
Technical Assistance Program (WE-TAP)
119 S. Theobald Street
Greenville, MS 38701
Grace Hill Neighborhood Services
St. Louis, MO 63106
The centers' goal is to take women who have the desire, energy and dedication—but not the background or assets—and make businesswomen out of them. Each center offers training and counseling in finance, management, procurement and the Internet to low-income and socially disadvantaged women entrepreneurs. Centers also offer specialized programs for displaced and rural workers.
To learn more about the Women's Business Centers, visit their new interactive web site at www.onlinewbc.org.
Keep up with what’s new and noteworthy at the St. Louis Fed. Sign up now to have this free monthly e-newsletter emailed to you.
FedCommunities.org is a portal to community development resources from all 12 Federal Reserve Banks and the Federal Reserve Board of Governors.