The Mayor shall establish in the executive branch an office to be known as the Opportunity Account Office. The office shall:
(1) Provide eligible families and individuals with an opportunity to establish opportunity accounts;
(2) Provide that the opportunity account shall be established by an approved financial institution and administered by an approved organization;
(3) Provide incentives to encourage participation in the program; and
(4) Require that money deposited into an opportunity account shall be used only for approved purposes.
(Apr. 3, 2001, D.C. Law 13-266, § 3, 48 DCR 1240.)
This section is referenced in § 1-307.61.
Structure District of Columbia Code
Title 1 - Government Organization
Chapter 3 - Specified Governmental Authority
Subchapter IV - Special Programs
§ 1–307.62. Establishment of Opportunity Account Office
§ 1–307.64. Responsibilities of administering organization
§ 1–307.65. Financial institution establishment of opportunity accounts
§ 1–307.66. Eligibility to open an opportunity account; account limit
§ 1–307.67. Matching funds and return of matching funds; tax exemption
§ 1–307.68. Use of opportunity account funds
§ 1–307.69. Emergency withdrawal
§ 1–307.70. Disposition upon death
§ 1–307.71. Use of reserve funds for administrative expenses
§ 1–307.72. Exclusion of opportunity account funds from public assistance program calculations