“(a) In General.—Not later than 10 months after the date of enactment of this title [Oct. 27, 1998], the Secretary shall enter into a contract with an independent research organization to evaluate the demonstration projects conducted under this title, individually and as a group, including evaluating all qualified entities participating in and sources providing funds for the demonstration projects conducted under this title.
“(b) Factors To Evaluate.—In evaluating any demonstration project conducted under this title, the research organization shall address the following factors:“(1) The effects of incentives and organizational or institutional support on savings behavior in the demonstration project.
“(2) The savings rates of individuals in the demonstration project based on demographic characteristics including gender, age, family size, race or ethnic background, and income.
“(3) The economic, civic, psychological, and social effects of asset accumulation, and how such effects vary among different populations or communities.
“(4) The effects of individual development accounts on savings rates, homeownership, level of postsecondary education attained, and self-employment, and how such effects vary among different populations or communities.
“(5) The potential financial returns to the Federal Government and to other public sector and private sector investors in individual development accounts over a 5-year and 10-year period of time.
“(6) The lessons to be learned from the demonstration projects conducted under this title and if a permanent program of individual development accounts should be established.
“(7) Such other factors as may be prescribed by the Secretary.
“(c) Methodological Requirements.—In evaluating any demonstration project conducted under this title, the research organization shall—“(1) for at least one site, use control groups to compare participants with nonparticipants;
“(2) before, during, and after the project, obtain such quantitative data as are necessary to evaluate the project thoroughly; and
“(3) develop a qualitative assessment, derived from sources such as in-depth interviews, of how asset accumulation affects individuals and families.
“(d) Reports by the Secretary.—“(1) Interim reports.—Not later than 90 days after the end of the project year in which the Secretary first authorizes a qualified entity to conduct a demonstration project under this title, and every 12 months thereafter until all demonstration projects conducted under this title are completed, the Secretary shall submit to Congress an interim report setting forth the results of the reports submitted pursuant to section 412(b).
“(2) Final reports.—Not later than 12 months after the conclusion of all demonstration projects conducted under this title, the Secretary shall submit to Congress a final report setting forth the results and findings of all reports and evaluations conducted pursuant to this title.
“(e) Evaluation Expenses.—Of the amount appropriated under section 416 for a fiscal year, the Secretary may expend not more than $500,000 for such fiscal year to carry out the objectives of this section.