Department of Commerce seeking new Individual Development Account Administrator
Topeka, Kan. – The Kansas Department of Commerce has issued a Request for Proposals seeking qualified organizations to administer the Individual Development Account (IDA) program.
The Kansas IDA program allows qualified organizations the opportunity to provide a match on deposits made by low-income participants who are saving to buy a home; make repairs to their existing home; start a business or expand their existing business; or attend continued education classes such as college or a technical school.
The program is structured to provide financial assistance to community charities, tribal and religious organizations that administer the IDA program in their communities through the sale of tax credits. Organizations can serve a specific region, multiple regions or the state as a whole, and will receive up to $100,000 in tax credits annually. The organization is granted up to 20% of the earned funds to use for operations cost the first two years they administer the program, and 15% for each year thereafter.
“This is such an incredible tool for low-income residents, and we need bold, creative nonprofits that can maximize the opportunities IDA provides,” Secretary of Commerce David Toland said. “IDA helps create and expand businesses and it gives people a way to make a permanent home in Kansas, improving countless lives in our state. This program is a life-changing tool for many Kansans, and it can be a positive transformative opportunity for the organizations that administer it.”
If your community development organization is interested in administering the IDA program, sign into the Kansas eSupplier Portal, register at this site and respond to the RFP at this link by June 29, 2020.
For questions on the RFP, please contact Angela Brown at the Department of Administration. All questions will be gathered and answered publicly to ensure that all bidders receive the same information.
Procurement Officer: Angela Brown
E-Mail Address: [email protected]
Bid number: EVT0007402