MN SF1720

Modifies the Family Assets for Independence program to clarify eligibility requirements by requiring households to meet the federal Assets for Independence Act criteria in order to receive state or TANF matching funds.

Specifies that participating households may only deposit money derived from household earned income or state and federal income tax credits into their savings accounts.

Establishes matching contribution rates of $1.50 for every $1 of funds withdrawn, with limits of $720 per year or $3,000 lifetime maximum, for both state/TANF funds and nonstate funds.

Requires the fiscal agent to verify that match requests are for permissible uses consistent with each household's family asset agreement and to make direct payments to vendors.

Appropriates $500,000 from the general fund in fiscal year 2013 to the commissioner of human services for the Family Assets for Independence program.