NY A06677

Establishes an Individual Development Account (IDA) program administered by the Department of Banking to help foster children ages 15-22 accumulate savings for qualified expenditures.

Requires sponsoring organizations to use at least 85% of grant funds for matching qualified withdrawals made by participants for postsecondary education, first-time home purchase, self-employment, or business start-up expenses.

Provides matching funds directly to service providers when participants make qualified withdrawals, with amounts limited by federal Assets for Independence Act guidelines and annual funding availability.

Permits participants to contribute to their accounts, earn interest, and withdraw only their contributions plus accrued interest if accounts are terminated for non-compliance with program guidelines.

Directs the Department to serve as a clearinghouse for information on asset development programs and may enter interagency contracts with other state agencies to implement the program; effective September 1, 2013.