S.F. No. 5183 - Family Assets for Independence Program Modifications

• Adds two new permissible uses for family asset accounts: contributions to emergency savings accounts and contributions to Minnesota 529 education savings plans.

• Modifies household eligibility requirements by replacing reference to federal Assets for Independence Act requirements with a specific income test: maximum income equal to or less than the greater of 50 percent of area median income or 200 percent of federal poverty guidelines.

• Adds fiduciary organization eligibility to include federally recognized Tribal Nations and nonprofit organizations defined under Section 501(c)(3) of the Internal Revenue Code.

• Expands the definition of "financial coach" to include ongoing participation in statewide Family Assets for Independence in Minnesota (FAIM) network training meetings.

• Clarifies that sharing finances does not include situations where a person lives in the same dwelling unit as others without sharing other financial arrangements.