Section 26-C2105. APPROVED USE OF OPPORTUNITY ACCOUNTS

 

2105.1After the required saving and financial management training are both completed, the account holder shall be eligible to purchase the approved asset using both his or her savings and the matching funds.

 

2105.2An account holder may withdraw his or her opportunity account funds and receive match funds for any of the following purposes, if approved by the administering organization:

 

(a)To pay educational costs for the account holder or a spouse, domestic partner, father, mother, child, or dependent of the account holder at an accredited institution of higher education;

 

(b)To pay job training costs for the account holder or a spouse, domestic partner, father, mother, child or dependent of the account holder at an accredited or licensed training program;

 

(c)To purchase a primary residence;

 

(d)To pay for major repairs or improvements to a primary residence;

 

(e)To fund the start-up of a business for the account holder or a spouse, domestic partner, father, mother, child, or dependent of the account holder;

 

(f)To pay for costs associated with a medical emergency for the account holder or a spouse, domestic partner, father, mother, child, or dependent of the account holder, to the extent that those costs are not covered by insurance;

 

(g)To pay for costs and expenses incurred during retirement;

 

(h)To purchase a federally qualified individual retirement account if such purchase takes place not earlier than five (5) years after the establishment of the opportunity account.

 

2105.3Any saving by the participant left after the purchase shall remain the property of the participant.

 

2105.4Unused matching funds shall return to the pool of matching funds available for other account holders.

 

source

Final Rulemaking published at 49 DCR 4983, 4990 (May 31 2002).