C.R.S. Section 24-32-726
Financial literacy and exchange program

  • creation
  • FLEX accounts
  • FLEX cash fund
  • short title
  • legislative declaration
  • definitions

(1)

The short title of this section is the “Financial Literacy and Exchange Program (FLEX) Act”.

(2)

The general assembly hereby finds and declares that:

(a)

Colorado families and youth are improving their long-term economic well-being through participation in the federal family self-sufficiency program authorized under 24 CFR part 984;

(b)

The federal family self-sufficiency program allows department of housing and urban development-assisted families, including youth transitioning from foster care, to be mentored on financial literacy, increase their earned income, become financially stable, and reduce and eventually eliminate their dependency on government assistance, rental subsidies, and other government programs;

(c)

The state of Colorado administers state-funded supportive housing vouchers whereby recipients would benefit from participation in a program like the federal family self-sufficiency program; and

(d)

Therefore, it is the intent of the general assembly to create the Colorado financial literacy and equity exchange program, a voluntary program with the goal of granting financial security through education, employment, investment, housing stability, and social maturity by:

(I)

Enabling division of housing-assisted individuals to increase their earned income and reduce their dependency on welfare assistance and rental subsidies by offering such individuals a financial incentive to increase their earnings in the form of an escrow-like savings account that grows as an individual’s earnings increase; and

(II)

Providing division of housing-assisted individuals with access to service providers for eligible youth and families for financial mentoring, life skills training, and asset management.

(3)

As used in this section, unless the context otherwise requires:

(a)

“Eligible expense” means an expense that satisfies the criteria established by the division in subsection (5)(d)(II) of this section.

(b)

“Eligible housing assistance voucher program” means a state program that provides housing assistance vouchers and satisfies the criteria established by the division pursuant to subsection (5)(a) of this section.

(c)

“Eligible participant” means a person who receives vouchers for housing assistance from an eligible housing assistance voucher program and satisfies any other criteria established by the division in subsection (5)(b) of this section.

(d)

“FLEX account” means an account created by the division in accordance with the requirements of subsection (6) of this section.

(e)

“FLEX agreement” means an agreement between an eligible participant and the division that satisfies the requirements established by the division pursuant to subsection (5)(d) of this section and is also participant directed.

(f)

“FLEX fund” means the fund created in subsection (7)(b) of this section.

(4)

There is hereby created in the division of housing the FLEX account program to establish and administer FLEX accounts to assist eligible participants in social integration and financial independence.

(5)

The division shall implement the FLEX account program in accordance with this section. The division shall establish such policies and procedures as may be necessary to implement the FLEX account program. At a minimum, these policies and procedures must specify:

(a)

Which programs qualify as eligible housing assistance voucher programs;

(b)

The qualifications of eligible participants;

(c)

The application process for an eligible participant to qualify for the establishment of a FLEX account; and

(d)

The elements of a FLEX agreement. Such agreements may be renegotiated by the participant and the division and must include, at a minimum:

(I)

A written plan for the use of funds in a FLEX account;

(II)

Which expenses qualify as eligible expenses;

(III)

The criteria that will result in the forfeiture of the funds in a FLEX account; and

(IV)

The criteria for successful completion of the FLEX account program.

(6)

Intentionally left blank —Ed.

(a)

If the division determines that it will award a FLEX account to an eligible participant, the division shall create an interest-bearing account and assign it to that eligible participant.

(b)

The division shall provide to each eligible participant who is assigned a FLEX account information concerning the operation of the FLEX account, including a description of eligible expenses. Money in a FLEX account may only be withdrawn for an eligible expense.

(c)

The division shall contract with for-profit and nonprofit entities to provide financial literacy support to eligible participants.

(d)

If an eligible participant violates a FLEX agreement or withdraws money in a FLEX account for an expenses other than an eligible expense, the division may transfer the money in the eligible participant’s FLEX account to the FLEX fund established in subsection (7)(b) of this section.

(e)

All interest earned by the money in a FLEX account must be credited to that FLEX account.

(f)

The division may require eligible participants to report to the division information relevant to the operation of a FLEX account.

(7)

Intentionally left blank —Ed.

(a)

The division may seek, accept, and expend gifts, grants, or donations from private or public sources for the purposes of this section. The division shall transmit all money received for the administration of this section through gifts, grants, or donations to the state treasurer, who shall credit the money to the fund created in subsection (7)(b) of this section.

(b)

The FLEX fund is created in the state treasury. The fund consists of any money that the general assembly may appropriate to the fund, gifts, grants, and donations received by the division pursuant to subsection (7)(a) of this section, or any other money transferred to the fund. Money in the fund is continuously appropriated to the division for the direct and indirect costs of implementing the FLEX act described in this section. The state treasurer may invest any money in the fund not expended for the purposes of this section as provided by law. The state treasurer shall credit all interest and income derived from the investment and deposit of money in the fund to the fund.

(8)

Intentionally left blank —Ed.

(a)

On or before February 1, 2024, and on or before February 1 of each year thereafter, for the duration of the FLEX account program, the division shall submit a summarized report to the senate committee on local government and the house of representatives committee on transportation and local government, or any successor committees, on the FLEX account program. At a minimum, the report must include:

(I)

The number of FLEX account holders;

(II)

The number of FLEX account holders who have successfully completed the FLEX account program, as determined by the division; and

(III)

The number of FLEX account holders whose money has reverted to the FLEX fund.

(b)

Notwithstanding section 24-1-136 (11)(a)(I), the reporting requirements set forth in this subsection (8) continue for the duration of the FLEX account program.

Source: Section 24-32-726 — Financial literacy and exchange program - creation - FLEX accounts - FLEX cash fund - short title - legislative declaration - definitions, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-24.­pdf (accessed Oct. 20, 2023).

24‑32‑101
Legislative declaration 24‑32‑102
Definitions 24‑32‑103
Division of local government - created 24‑32‑104
Functions of the division - interconnectivity grant program - interconnectivity grant program fund - reporting - definition 24‑32‑105
Limitation of authority of division 24‑32‑106
Powers of the director 24‑32‑107
Payment of expenses and salaries 24‑32‑108
Establishment of a file 24‑32‑109
Notice of change - failure to file - effect 24‑32‑115
Economic self-sufficiency - development of standards - rules - fund - legislative declaration 24‑32‑116
Inventory of local governmental entities - information required - definitions 24‑32‑118
Military and community partnerships 24‑32‑118.5
Mobile veterans-support unit grant program - fund created - report - definitions - repeal 24‑32‑119
Gray and black market marijuana enforcement grant program - report - definition 24‑32‑120
Justice reinvestment crime prevention initiative - program - rules - cash funds - reports - definitions - repeal 24‑32‑121
Colorado resiliency office - creation - director - repeal 24‑32‑122
Colorado resiliency office - duties and powers - repeal 24‑32‑123
Defense counsel on first appearance grant program - rules - report - definition - repeal 24‑32‑124
Law enforcement community services grant program - committee - policies and procedures - fund - rules - report - definitions 24‑32‑126
Strategic action plan for upcoming decennial census 24‑32‑127
Community substance use and mental health services grant program - creation - legislative intent 24‑32‑128
Rural economic development initiative grant program - creation - report - definitions 24‑32‑130
Local government affordable housing development incentives grant program - local government planning grant program - creation - report - definitions 24‑32‑131
Best practices in policing study 24‑32‑132
Small community-based nonprofit infrastructure grant program - creation - legislative declaration - definitions - repeal 24‑32‑133
Infrastructure and strong communities grant program - creation - fund - reporting - definitions - repeal 24‑32‑134
Disaster resilience rebuilding program - fund - creation - policies - report - definitions 24‑32‑202
Division of planning - creation 24‑32‑203
Duties of the division of planning 24‑32‑204
Population statistics, estimates, and projections 24‑32‑205
Assistance to local planning agencies 24‑32‑207
Reference in contracts, documents 24‑32‑301
Division of commerce and development - creation - director - assistants 24‑32‑302
Purpose 24‑32‑303
Authority and responsibility of the director 24‑32‑305
Offices of division - expenses and salaries - reports and publications 24‑32‑306
Matching funds - gifts - bequests 24‑32‑307
Reference in contracts, documents 24‑32‑701
Short title 24‑32‑702
Legislative declaration 24‑32‑703
Definitions 24‑32‑704
Division of housing - director 24‑32‑705
Functions of division 24‑32‑705.5
Annual public report on funding of affordable housing preservation and production - definition - repeal 24‑32‑706
State housing board 24‑32‑707
Powers of board 24‑32‑717
Housing investment trust fund - loans - definitions 24‑32‑718
Publicly assisted housing - notice of termination - database - high energy performance building standard program - definitions 24‑32‑721
Colorado affordable housing construction grants and loans - housing development grant fund - creation - housing assistance for persons with behavioral, mental health, or substance use disorders - cash fund - appropriation - report to general assembly - rules - definitions - repeal 24‑32‑721.3
Middle income access program - contract with Colorado housing and finance authority for administration of funds - appropriation 24‑32‑721.7
Affordable housing guided toolkit and local officials guide program - creation 24‑32‑723
Office of homeless youth services - creation - function - duties - definitions 24‑32‑724
Fort Lyon property - supportive residential community - definitions - repeal 24‑32‑726
Financial literacy and exchange program - creation - FLEX accounts - FLEX cash fund - short title - legislative declaration - definitions 24‑32‑727
Denver-metropolitan regional navigation campuses grant - regional navigation campuses cash fund - creation - definitions 24‑32‑728
Mobile home park resident empowerment loan program - fund - creation - policies - report - legislative declaration - definitions 24‑32‑729
Transformational affordable housing through local investments - grant program - investments eligible for funding - report - definitions - repeal 24‑32‑730
Ridge View Supportive Residential Community at the Ridge View campus - report - legislative declaration 24‑32‑731
Revolving loan fund - eligible projects - report - definitions - legislative declaration 24‑32‑732
Connecting Coloradans experiencing homelessness with services, recovery care, and housing supports grant program - funding - report - definitions - repeal 24‑32‑733
Task force on corporate housing ownership - creation - membership - issues of study - additional duties - report - compensation - staff support - definitions - repeal 24‑32‑801
Legislative declaration 24‑32‑802
Office of rural development created 24‑32‑803
Duties of the office 24‑32‑901
Legislative declaration 24‑32‑902
Definitions 24‑32‑904.5
Compliance with national standards - recreational park trailers - recreational vehicles 24‑32‑907
Injunctive relief 24‑32‑909
Violation - penalty 24‑32‑1201
Legislative declaration 24‑32‑1202
Definitions 24‑32‑1203
State clearinghouse designated - duties - limitations 24‑32‑1620
Effect of repeal of sections 24‑32‑1701
Short title 24‑32‑1702
Legislative declaration 24‑32‑1703
Definitions 24‑32‑1704
Allocation of state ceiling 24‑32‑1705
Allocations to state issuing authorities 24‑32‑1706
Allocations to designated local issuing authorities 24‑32‑1707
Statewide balance 24‑32‑1708
Bond issuance and mortgage credit certificate election - reporting requirement 24‑32‑1709
Application for allocation from statewide balance 24‑32‑1709.5
Administrative costs of the department - private activity bond allocation fund - creation 24‑32‑1710
Notifications and validity of allocations from the statewide balance 24‑32‑1711
Statewide balance carryforward allocations 24‑32‑1712
Time period must end on business day 24‑32‑1713
Effect of mortgage credit certificate election or issuance of bonds without allocation 24‑32‑1714
Severability 24‑32‑1715
Agreement with bond owners 24‑32‑2001
Legislative declaration 24‑32‑2002
Definitions 24‑32‑2003
Colorado youth conservation and service corps council - creation - membership - duties 24‑32‑2004
Colorado youth service corps established - director’s duties 24‑32‑2005
Duties and functions of the youth service corps 24‑32‑2006
Colorado youth service corps - criteria for enrollment 24‑32‑2007
Local youth employment opportunities 24‑32‑2008
Placement under work agreements 24‑32‑2009
Youth service corps members - compensation - scholarship 24‑32‑2010
Youth service corps members not to displace current workers 24‑32‑2011
Acceptance and utilization of funds 24‑32‑2012
Colorado youth service corps fund - created 24‑32‑2013
Conflict with federal requirements 24‑32‑3001
Community-based access grant program - powers and duties of department of local affairs - definitions - legislative declaration 24‑32‑3201
Legislative declaration 24‑32‑3202
Definitions 24‑32‑3203
Office of smart growth - creation - powers and duties of executive director 24‑32‑3204
Powers and duties of the office of smart growth 24‑32‑3205
Qualifications 24‑32‑3207
Colorado heritage communities fund - creation - source of funds 24‑32‑3208
Additional sources of funding 24‑32‑3209
Comprehensive planning disputes - development plan disputes - mediation - list of qualified professionals to assist in mediating land use disputes - definitions 24‑32‑3301
Legislative declaration 24‑32‑3302
Definitions 24‑32‑3303
Division of housing - powers and duties - rules 24‑32‑3304
State housing board - powers and duties - rules 24‑32‑3305
Rules - advisory committee - enforcement 24‑32‑3306
Recognition of similar standards - compliance with standards 24‑32‑3307
Noncompliance with standards 24‑32‑3308
Violation - penalty 24‑32‑3309
Fees - building regulation fund - rules 24‑32‑3310
Local enforcement 24‑32‑3311
Certification of factory-built structures - rules 24‑32‑3312
Notification and correction of defects 24‑32‑3314
Cooperation with department of revenue 24‑32‑3315
Installers of manufactured homes and tiny homes - registration - fees - educational requirements - rules 24‑32‑3315.5
Contract for the installation of manufactured homes and tiny homes - requirements 24‑32‑3316
Compliance with manufacturer’s installation instructions 24‑32‑3317
Installation of manufactured homes and tiny homes - authorization - certificates - inspections - inspector qualification and education requirements - rules 24‑32‑3318
Local installation standards preempted 24‑32‑3319
Prohibited acts 24‑32‑3320
Penalty for violation 24‑32‑3321
Investigations of consumer complaints 24‑32‑3323
Sellers of manufactured homes and tiny homes - registration 24‑32‑3324
Escrow and bonding requirements - rules 24‑32‑3325
Contract for sale of manufactured home or tiny home - requirements 24‑32‑3326
Unlawful sales practices - manufactured homes and tiny homes - fines 24‑32‑3327
Inspections 24‑32‑3328
Tiny homes - standards - rules 24‑32‑3329
Local governments inspections of tiny homes - connection to utilities - rules 24‑32‑3501
Peace officers behavioral health support and community partnerships grant program - created - report - rules - fund - definitions - repeal 24‑32‑3502
Public defender and prosecutor behavioral health support program - policies - report - fund 24‑32‑3601
Short title 24‑32‑3602
Legislative declaration 24‑32‑3603
Definitions - rules 24‑32‑3604
Rural economic advancement of Colorado towns - coordination of nonmonetary assistance - application - rules
Green check means up to date. Up to date

Current through Fall 2024

§ 24-32-726’s source at colorado​.gov