HB 22-1389

House Bill 22-1389, also known as the Financial Literacy Exchange Program, creates a new program within Colorado’s division of housing. This program allows certain individuals participating in housing assistance programs to open special financial accounts called FLEX accounts and receive financial education support from both nonprofit and for-profit organizations. The state will provide funding through a continuously appropriated fund to help cover the costs of running this program. Since the bill has been signed, it is now law and the division of housing can start implementing it.

Official Summary

The act establishes the financial literacy and exchange program (program) within the division of housing (division). The program allows the division to create FLEX accounts for certain persons who sign FLEX agreements and participate in eligible housing assistance voucher programs. The division is required to establish policies and procedures as necessary for the administration of the program and to annually report to the general assembly on the status of the program. The division is required to contract with for-profit and nonprofit entities to provide financial literacy support to eligible program participants. The act also creates the continuously appropriated FLEX fund, which may be used for the direct and indirect costs of implementing the program, and appropriates $103,355 to the FLEX fund from the general fund. The department of local affairs is responsible for the accounting related to this appropriation. (Note: This summary applies to this bill as enacted.)

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