Bill > S662

This bill aims to establish a statewide matched-savings program in Massachusetts to enable lower-income households to build wealth through investments in small businesses, education, homeownership, and other wealth-building purposes. The program allows eligible account holders (households earning less than 80% of the area median income) to open matched-savings accounts with a fiscal intermediary organization, which will match their deposits at a 4:1 ratio up to a total of $20,000. The bill outlines the approved savings goals, the responsibilities of the fiscal intermediary and community-based organizations, and the oversight role of the Division of Banks. The goal is to provide an asset-based anti-poverty strategy that complements government income support programs.

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https://malegislature.gov/Bills/192/S662