HF 2062

as introduced - 87th Legislature (2011 - 2012) Posted on 02/01/2012 11:42am

A bill for an act
relating to human services; modifying the family assets for independence
program; appropriating money; amending Minnesota Statutes 2011 Supplement,
section 256E.35, subdivisions 5, 6.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2011 Supplement, section 256E.35, subdivision 5, is
amended to read:

Subd. 5.

Household eligibility; participation.

(a) To be eligible for new text begin state or TANF new text end
matching funds in the family assets for independence initiative, a household must meet the
eligibility requirements of the federal Assets for Independence Act, Public Law 105-285,
in Title IV, section 408 of that act.

(b) Each participating household must sign a family asset agreement that includes
the amount of scheduled deposits into its savings account, the proposed use, and the
proposed savings goal. A participating household must agree to complete an economic
literacy training program.

Participating households may only deposit money that is derived from household
earned income or from state and federal income tax credits.

Sec. 2.

Minnesota Statutes 2011 Supplement, section 256E.35, subdivision 6, is
amended to read:

Subd. 6.

Withdrawal; matching; permissible uses.

(a) To receive a match, a
participating household must transfer funds withdrawn from a family asset account to its
matching fund custodial account held by the fiscal agent, according to the family asset
agreement. The fiscal agent must determine if the match request is for a permissible use
consistent with the household's family asset agreement.

The fiscal agent must ensure the household's custodial account contains the
applicable matching funds to match the balance in the household's account, including
interest, on at least a quarterly basis and at the time of an approved withdrawal. new text begin Matches
must be provided as follows:
new text end

new text begin (1) from state grant and TANF funds, a matching contribution of $1.50 for every
$1 of funds withdrawn from the family asset account equal to the lesser of $720 per
year or a $3,000 lifetime limit; and
new text end

new text begin (2) from nonstate funds, a matching contribution of no less than $1.50 for every $1
of funds withdrawn from the family asset account equal to the lesser of $720 per year or
a $3,000 lifetime limit.
new text end

(b) Upon receipt of transferred custodial account funds, the fiscal agent must make a
direct payment to the vendor of the goods or services for the permissible use.

Sec. 3. new text begin APPROPRIATION.
new text end

new text begin $500,000 is appropriated in fiscal year 2013 from the general fund to the
commissioner of human services for purposes of the family assets for independence
program under Minnesota Statutes, section 256E.35.
new text end