43.31.455 - SEED act -- Definitions. - Washington Statutes

SEED act — Definitions.

The definitions in this section apply throughout RCW 43.31.450 through 43.31.475 unless the context clearly requires otherwise.

     (1) "Department" means the department of commerce.

     (2) "Director" means the director of the department of commerce.

     (3) "Foster youth" means a person who is fifteen years of age or older who is a dependent of the department of social and health services; or a person who is at least fifteen years of age, but not more than twenty-three years of age, who was a dependent of the department of social and health services for at least twenty-four months after attaining thirteen years of age.

     (4) "Individual development account" or "account" means an account established by contract between a low-income individual and a sponsoring organization for the benefit of the low-income individual and funded through periodic contributions by the low-income individual which are matched with contributions by or through the sponsoring organization.

     (5) "Low-income individual" means a person whose household income is equal to or less than either:

     (a) Eighty percent of the median family income, adjusted for household size, for the county or metropolitan statistical area where the person resides; or

     (b) Two hundred percent of the federal poverty guidelines updated periodically in the federal register by the United States department of health and human services under the authority of 42 U.S.C. 9902(2).

     (6) "Program" means the individual development account program established pursuant to RCW 43.31.450 through 43.31.475.

     (7) "Sponsoring organization" means: (a) A nonprofit, fund-raising organization that is exempt from taxation under section 501(c)(3) of the internal revenue code as amended and in effect on January 1, 2005; (b) a housing authority established under RCW 35.82.030; or (c) a federally recognized Indian tribe.

[2009 c 565 § 28; 2005 c 402 § 3.]