HB 22-1389 Summary

• Creates the Financial Literacy and Exchange Program (FLEX) Act, a voluntary program administered by the Division of Housing to help eligible participants achieve financial independence through escrow-like savings accounts and financial mentoring.

• Establishes FLEX accounts as interest-bearing accounts for individuals receiving housing assistance vouchers from eligible state programs, with funds usable only for eligible expenses defined by the Division.

• Requires the Division to contract with for-profit and nonprofit entities to provide financial literacy support, life skills training, and asset management services to eligible participants.

• Creates the FLEX Fund in the state treasury, funded through legislative appropriation, gifts, grants, and donations, with continuous appropriation to the Division for program implementation and administration costs.

• Requires annual reporting to the Senate Committee on Local Government and House Committee on Transportation and Local Government beginning February 1, 2024, including the number of FLEX account holders, successful completions, and accounts reverting to the FLEX Fund.