Bill > HB1389

This bill creates the Colorado Financial Literacy and Equity Exchange Program (FLEX), a voluntary program administered by the Division of Housing to assist eligible participants, such as those receiving state-funded housing assistance vouchers, in achieving financial security and independence. The key provisions of the bill include: - Establishing FLEX accounts, which are interest-bearing accounts that provide a financial incentive for participants to increase their earned income and reduce their dependence on government assistance. The accounts can only be used for eligible expenses as defined by the Division. - Requiring the Division to contract with service providers to offer financial literacy support, life skills training, and asset management services to FLEX account holders. - Creating the FLEX Fund in the state treasury to receive appropriations, gifts, grants, and donations to fund the program's implementation and administration. - Mandating the Division to submit annual reports to the legislature on the FLEX account program, including the number of account holders, successful completions, and forfeited funds. - Appropriating $103,355 from the General Fund to the FLEX Fund for the 2022-23 fiscal year.

Budget and Finance, Business and Industry

https://leg.colorado.gov/bills/hb22-1389