The bill amends the Minnesota Statutes related to the family assets for independence program, specifically focusing on eligibility criteria and definitions. It introduces new definitions, such as "household," which now includes individuals who share finances and living quarters, with a clarification that sharing finances does not apply to those living together without financial arrangements. Additionally, the bill outlines permissible uses for funds from family asset accounts, including educational expenses, home acquisition costs, business capitalization, and contributions to savings accounts.

Significantly, the bill modifies the eligibility requirements for households seeking state matching funds. It removes the previous criteria related to TANF matching funds and instead establishes that households must have a maximum income that is equal to or less than either 50 percent of the area median income or 200 percent of the federal poverty guidelines. Furthermore, it emphasizes the necessity for participating households to complete an economic literacy training program, ensuring that they are equipped with the knowledge to manage their finances effectively.

Statutes affected:
Introduction: 256E.35