Stephanie Tubbs Jones Assets for Independence Reauthorization Act of 2017

Stephanie Tubbs Jones Assets for Independence Reauthorization Act of 2017

This bill reauthorizes through FY2022 and otherwise amends the Assets for Independence Act, which provides for demonstration projects to fund individual development accounts (IDAs). (IDAs are matched savings accounts through which low-income individuals may save targeted amounts for qualifying purposes such as first-time home ownership or post-secondary education.)

With respect to IDAs, the bill expands: (1) qualifying educational expenses; and (2) qualifying expenses for home replacement, repair, or improvement.

In addition, with respect to demonstration projects, the bill: (1) requires the Department of Health and Human Services (HHS) to give special consideration to applications from victims of domestic violence, individuals who are or have been in foster care, and certain other categories of individuals; (2) revises income-eligibility requirements; (3) modifies procedures related to terminated projects; and (4) revises other specified requirements and limitations.

An individual who is a recent or current victim of domestic violence shall not, for purposes of project participation, fail to qualify as a first-time homebuyer by reason of having a co-ownership interest in a principal residence with a person who committed domestic violence against the individual.

HHS may use funds appropriated under the Act to cover certain necessary training costs.

HHS is authorized to waive certain project requirements and limitations.