H.F. No. 4898 Summary

• Modifies the Family Assets for Independence (FAIM) program by changing household eligibility from meeting federal Assets for Independence Act requirements to a simplified income test of 50% area median income or 200% federal poverty guidelines, whichever is greater.

• Expands permissible uses of family asset accounts to include contributions to emergency savings accounts and Minnesota 529 college savings plans.

• Defines "financial coach" as a trained person who completes intensive financial literacy training covering budgeting, debt reduction, asset building, credit rating, and consumer protection, then participates in ongoing FAIM network training and provides coaching to participants.

• Clarifies that household eligibility requires sharing finances and a dwelling unit as primary living quarters, excluding situations where individuals share housing without other financial arrangements.

• Restricts household deposits to money derived from earned income or state and federal income tax credits only.