HF 4368 Summary

• Adds "emergencies" and "emergency savings accounts" as permissible uses for family asset account withdrawals under the Minnesota family assets for independence program.

• Expands eligible fiduciary organizations to include federally recognized Tribal nations and nonprofit organizations defined under Internal Revenue Code section 501(c)(3), removing geographic restrictions on some existing organization types.

• Increases lifetime matching fund limits from $6,000 to $9,000 for general program participants and from $3,000 to $4,500 for households participating under Federal Assets for Independence Act grants.

• Adds Minnesota 529 savings plans as a permissible use for family asset account funds and requires quarterly program reporting to include contributions to both 529 plans and emergency savings accounts.

• Appropriates $5,000,000 in fiscal year 2023 from the general fund to the commissioner of human services for the family assets for independence program, added to the base budget.

• Excludes family asset accounts from consideration when determining equity value of personal property under statute 256P.02.