Bill > H1158

This bill creates a matched savings program designed to help low-income households increase their economic mobility by establishing special savings accounts with significant financial matching and support. Eligible participants are households earning no more than 80% of the area's median income, who can open matched-savings accounts with a fiscal intermediary that will deposit up to $4 for every $1 the account holder saves. The accounts can be used for various economic mobility-enhancing purposes, including post-secondary education, job training, home purchase or rental, small business capitalization, equipment acquisition, vehicle purchase, retirement savings, debt payment, and credit score improvement. Community-based organizations will provide financial education and counseling to participants, and the program aims to specifically include people of color and women in proportions reflecting the state's population. A new Matched Savings Trust Fund will be established to support the program, with funds coming from state appropriations, federal funds, and grants. The fiscal intermediary must provide annual reports detailing account activity and participant demographics, and community-based organizations can receive up to 25% of allocated funds for program-related activities. The bill emphasizes flexibility, allowing emergency withdrawals and ensuring that public assistance receipt does not disqualify potential participants from the program.

Budget and Finance, Business and Industry

https://malegislature.gov/Bills/194/H1158