Bill > S737

This bill establishes a matched savings program designed to help low-income households increase their economic mobility by creating a special type of savings account with significant financial support and training. Eligible participants are households earning 80% or less of the area's median income who can open a matched-savings account with a fiscal intermediary, which will match their personal contributions at a rate of up to $4 for every $1 saved. The program allows participants to save for a wide range of approved purposes including post-secondary education, job training, home purchase or rental, small business capitalization, home improvements, equipment purchases, retirement savings, debt payment, and credit score improvement. Participants must develop a savings plan with a community-based organization that provides financial education and counseling. The bill creates a Matched Savings Trust Fund administered by the secretary of housing and livable communities, which will be funded through appropriations, federal funds, and grants. Importantly, the program ensures that participants' savings and matching funds will not count against them when determining eligibility for public assistance, and the fiscal intermediary must ensure diverse participation across geographic areas and demographic groups. The program aims to help low-income individuals build assets and improve their long-term economic prospects through structured, supportive savings opportunities.

Budget and Finance, Business and Industry

https://malegislature.gov/Bills/194/S737