H1158
An Act to promote economic mobility through matched savings
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- Passed House
- Passed Senate
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- Became Law
Bill overview
This bill aims to increase economic mobility in Massachusetts by establishing a matched savings program. The program would provide individuals with a matching incentive when they save for specific goals, such as homeownership, education, or starting a business. It intends to help low- and moderate-income residents build financial stability and achieve long-term economic goals. The bill is currently referred to the House Committee on Ways and Means for further consideration.
Key provisions
- Establishes a matched savings program.
- Provides a matching incentive for savings towards designated goals.
- Targets low- and moderate-income residents.
- Supports goals such as homeownership, education, and business development.
- Requires the program to be administered by a designated entity.
- Includes provisions for program oversight and evaluation.
- Authorizes funding for the program.
- Directs the Department of Housing and Community Development to develop the program.
Who is affected
- Low- and moderate-income residents of Massachusetts
- Individuals seeking to purchase a home
- Students pursuing education
- Individuals starting a business
- Financial Services sector
Notable changes
- Introduces a new matched savings program in Massachusetts.
- Builds upon similar initiatives in other states.
- Potentially expands access to financial resources for underserved populations.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Danillo A. Sena
Lindsay N. Sabadosa
Marjorie C. Decker
Arguments in favor
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Bill H.1158 194th (Current)
An Act to promote economic mobility through matched savings
By Representative Fluker-Reid of Boston, a petition (accompanied by bill, House, No. 1158) of Brandy Fluker-Reid and others relative to economic mobility through matched savings. Financial Services.
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Bill Information
Bill Information
Presenter: Brandy Fluker-Reid Status: Referred to House Committee on Ways and Means
Tabs
Bill History Petitioners Hearing Attendance
Bill History
Displaying 9 actions for Bill H.1158
| Date | Branch | Action |
| 2/27/2025 | House | Referred to the committee on Financial Services |
| 2/27/2025 | Senate | Senate concurred |
| 10/21/2025 | Joint | Hearing scheduled for 10/30/2025 from 10:30 AM-01:00 PM in A-2 |
| 10/30/2025 | Joint | Hearing rescheduled to 10/30/2025 from 10:30 AM-04:00 PM in A-2 Hearing updated to New End Time |
| 10/30/2025 | Joint | Hearing rescheduled to 10/30/2025 from 10:30 AM-02:00 PM in A-2 Hearing updated to New End Time |
| 1/15/2026 | House | Accompanied a study order, see H4931 |
| 1/15/2026 | House | Reported from the committee on House Rules |
| 1/15/2026 | House | Reported on a part of H4931 |
| 1/15/2026 | House | Bill reported favorably by committee and referred to the committee on House Ways and Means |
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