Section 26-C2101. FUNCTION OF OPPORTUNITY ACCOUNTS OFFICE, APPLICATION REQUIREMENTS AND PROCEDURES

 

2101.1The Opportunity Accounts Office ("Office"), established pursuant to the Act, shall select, on a competitive basis, qualified non-profit organizations to administer the opportunity accounts programs.  The non-profit organization shall administer the program, including selecting and enrolling qualified applicants, training in money management including budgeting and saving, training in the purchase and use of the participant's chosen asset, and assisting in the purchase of the chosen asset.

 

2101.2The Office shall solicit applications from non-profit organizations serving the District of Columbia to administer Opportunity Account programs pursuant to the Act. The Office shall solicit further applications as appropriate considering the money available and the need for broader coverage within the District of Columbia.

 

2101.3Each applicant shall submit an application to the Office, including forms and attachments, as required by the Office and consistent with the purpose of the Act and these rules.

 

2101.4The Office shall review each application for completeness and eligibility and then rank them on program strength under the criteria set forth in subsection 2101.5 below.

 

2101.5Each application shall contain the following information:

 

(a)The name and address of the applicant;

 

(b)A description of the qualifications of the applicant to administer an opportunity accounts program, including its history, funding sources, a summary of other programs, including those that will assist the account holders, and the population and area of the District of Columbia that the applicant organization has served;

 

(c)An estimate of the costs projected for the administration of the program;

 

(d)A description of the ability and plans of the applicant to provide or raise sufficient matching and operating funds;

 

(e)A description of groups to be targeted for priority participation in the opportunity accounts program;

 

(f)A description of the process the applicant will use to include account holders in the decision-making process regarding the implementation and administration of the opportunity account program;

 

(g)A description of the process that the applicant will use to require account holders to contribute funds from earned income;

 

(h)A description of the terms of the opportunity accounts which the applicant proposes to offer including:

 

(1)The match ratio and source for each dollar of matching funds;

 

(2)The overall maximum amount of participant's saving that will be matched, by asset type;

 

(3)A minimum monthly saving requirement; and

 

(4)A plan to encourage saving of Earned Income Tax Credit refunds.

 

(i)A description of the minimum or maximum savings period; and a time, other than the statutory time, for ending the opportunity account;

 

(j)A plan to provide opportunity accounts for youths under eighteen (18) years old and to ensure that the youths have an income for savings;

 

(k)A plan to publicize the availability of opportunity accounts and recruit participants;

 

(l)A plan to offer economic literacy training or arrangements for a partner to offer economic literacy training and to ensure that opportunity account holders complete the training satisfactorily;

 

(m)A description of the ability of the applicant to provide auxiliary services, such as counseling, to assist account holders with saving and resolving life problems that can prevent successful saving;

 

(n)A requirement that the account holder be provided adequate information on the requirements of the opportunity account program and this Act and the purposes for which an opportunity account may be used;

 

(o)A description of the process for offering or making available financial management courses or training on the use of funds for approved purposes, such as home ownership training for home ownership opportunity accounts; stay-in-school, tutoring, SAT prep and college counseling for education opportunity accounts; and business training for microenterprise opportunity accounts;

 

(p)A description of the process for regular evaluation and review of opportunity accounts to ensure compliance with the Act, District of Columbia regulations, and program rules by account holders;

 

(q)A description of the process for counseling account holders who are not in compliance with the Act or these rules;

 

(r)A description of the system for preventing withdrawal of matching funds for a purpose other than an approved purpose by maintaining the matching funds in a matching funds account separate from the opportunity account into which the account holder deposits his or her savings;

 

(s)If the applicant proposes to undertake any aspect of its proposal with the assistance of or in conjunction with a partner, the applicant shall include relevant information regarding any partner that the applicant proposes to utilize to implement and administer its proposal, including a signed agreement or letter specifying the role of the partner;

 

(t)A description of the applicant's key staff administering the opportunity account program by organizational chart and resume (or if not yet hired, job description);

 

(u)A description of the applicant's financial audits and, if available, program audits for the most recent fiscal year; and

 

(v)Such other information as the Office shall require.

 

source

Final Rulemaking published at 49 DCR 4983-4986 (May 31 2002).