Minnesota 2023-2024 Regular Session

Minnesota House Bill HF1478

Introduced
2/8/23  

Caption

Family assets for independence program modified, and money appropriated.

Impact

Should HF1478 pass, it would significantly impact state laws pertaining to asset building and financial support for low-income families. The bill allocates $5 million each for the fiscal years 2024 and 2025 to facilitate the Family Assets for Independence Program, ensuring that resources are available for matching contributions and financial coaching services. This financial backing is aimed at helping families accumulate growable assets through education and home purchases, potentially leading to a reduction in poverty levels within the participating demographics.

Summary

HF1478 seeks to amend existing legislation related to the Minnesota Family Assets for Independence Program, which promotes financial stability among low-income families by encouraging them to save towards defined goals such as education and home ownership. The bill proposes modifications to enhance the program's effectiveness by expanding the definitions of eligible educational institutions and permissible uses of funds, thereby broadening the scope of assistance available to participating households. Furthermore, it includes appropriations for funding to support these initiatives in the upcoming fiscal years.

Contention

Discussion around HF1478 may highlight key points of contention, particularly regarding the appropriation of state funds and effectiveness of the proposed amendments. Conflicting views may arise about the adequacy of the proposed financial education and coaching, and whether the matching contributions are sufficient to incentivize participation. Stakeholders could express diverse perspectives on the regulation of fiduciary organizations and financial institutions involved in the program, emphasizing the importance of transparency and effective oversight to ensure funds are utilized appropriately.

Companion Bills

MN SF1517

Similar To Family assets for independence program modification

Previously Filed As

MN SF1517

Family assets for independence program modification

MN HF4898

Family assets modified for independence program.

MN SF5183

Family assets modification for independence program

MN HF2476

Child protection; economic supports; housing and homelessness; child care licensing; Department of Children, Youth, and Families provisions modified; reports required; and money appropriated.

MN HF32

Rates and rate floors modified for services involving disability and elderly waivers, customized living, nursing and intermediate care facilities, personal care assistance, home care, nonemergency medical transportation, and community first services and supports; provisions modified; residential settings closure prevention grant program established; and money appropriated.

MN HF2910

Various child care, health, human services, and housing governing provisions modified; forecast adjustments made; technical and conforming changes made; funds allocated; grants established; reports required; and money transferred and appropriated.

MN HF2880

Government operations; spending authorized to acquire and better public land and buildings and for other improvements of capital nature with conditions, new programs established and existing programs modified, prior appropriations modified, bonds issued, and money appropriated.

MN HF5317

Governor's budget bill for health and human services; health care, child welfare, child care licensing , Department of Health, and Department of Children, Youth, and Families provisions modified; health and human services law technical changes made; appropriations for forecasted programs adjusted; penalties imposed; and money appropriated.

MN HF5267

Governor's budget bill for early childhood programs; child welfare and child care licensing provisions modified; technical changes to early childhood law made; Department of Children, Youth, and Families recodification updated; and money appropriated.

MN HF5220

Capital investment; spending authorized to acquire and better public land and buildings and for other improvements of a capital nature, new programs established and existing programs modified, prior appropriations modified and canceled, bonds issued, and money appropriated.

Similar Bills

MN HF916

Tax expenditure provisions modified, and past tax expenditure purpose statements provided.

MN HF3284

REAL ID implementation law repealed.

MN SF3492

REAL ID implementation law repealer

MN SF2399

Department of Children, Youth, and Families establishment; children's cabinet modification; appropriating money

MN SF2401

Department of Children, Youth, and Families establishment; children's cabinet modification; appropriating money

MN SF2398

Department of Children, Youth, and Families establishment; children's cabinet modification; appropriating money

MN SF2400

Department of Children, Youth, and Families establishment; children's cabinet modification; appropriating money

MN HF2323

Children's cabinet modified; Department of Children, Youth, and Families established; Department of Education, Department of Human Services, and Department of Public Safety responsibilities transferred to Department of Children, Youth, and Families; reports required; rulemaking authorized; and money appropriated.