New Mexico Department of Workforce Solutions: Individual Development AccountsDeadline: September 27, 2021
The State of New Mexico’s Department of Workforce Solutions (DWS) requests proposals for the establishment and management of an Individual Development Accounts (IDA) program. The scope of work consists of non-profit and/or Tribal Program Administrators’ establishment, operation, and management of one Individual Development Accounts Program within the State of New Mexico.
Objectives of the program include:
- Enrolling eligible low-income residents of the State of New Mexico into financial literacy and other related asset education courses
- Assisting eligible individuals to establish savings plans,
- Establishing reserve and custodial accounts in approved financial institutions
- Providing extensive case management activities to help program participants successfully complete their intended asset goals
Established Savings plans are matched by private and/or public funds, towards the account holder’s acquisition of one of the following five allowable assets:
- Expenses to attend an approved post-secondary or vocational educational institution, including, but not limited to, payment for tuition, fees, books, supplies and equipment required for courses
- Costs to acquire or construct a principal residence that is the first principal residence acquired or constructed by the account owner
- Costs of major home improvements or repairs on the principal residence of the account owner
- Capitalization or costs to start or expand a business including equipment, tangible personal property, operational and inventory expenses, legal and accounting fees and other costs normally associated with starting or expanding a business
- Acquisition of a vehicle necessary to obtain or maintain employment by an account owner or the spouse of an account owner
Note: Potential Offerors should submit an “Acknowledgement of Receipt Form” that accompanies this request in order to be placed on the procurement distribution list. The form must be signed by an authorized representative of the organization and returned by close of business on September 17, 2021. Failure to return the Acknowledgement of Receipt Form does not prohibit potential Offerors from applying to this RFP. However, by not returning the Acknowledgement of Receipt Form, potential Offerors shall not be included on the procurement distribution list, and will be solely responsible for obtaining any responses to written questions, and any amendments to the RFP. See solicitation for details.
Amount: The State Legislature has appropriated $150,000 this program.
Note: The initial contract shall begin on October 1, 2021 or as soon as possible thereafter, and end on June 30, 2022. DWS reserves the option of renewing the initial contract(s) on an annual basis for up to two additional one-year periods, not to exceed four years.
Eligibility: 501(c)(3) organizations, and entities which qualify as a Tribe, or an instrumentality of state or local government.